Exciting New Developments in Battery Storage
N2OFF is thrilled to announce a significant partnership with Solterra Brand Services Italy to develop two innovative battery storage projects. This collaboration marks an important step for N2OFF as it aims to solidify its position in the European energy storage market.
Details of the Partnership
The binding letter of intent (LOI) outlines that N2OFF will hold approximately 70% ownership in these projects. Each project will feature a robust capacity of 98MWp, contributing a total of 392MWh of energy storage to the renewable energy landscape in Sicily. This exciting development is integral for enhancing the grid's flexibility and reliability.
Driving Innovation in Renewable Energy
The signed LOI follows a previous non-binding term sheet executed in late 2024. This foundational agreement was based on favorable due diligence results reported by Solterra. With a total planned investment of €2.35 million, the partnership intends to develop these projects in a milestone-based funding approach.
Meeting the Growing Demand for Energy Storage
As Europe and the world increasingly transition towards renewable energies, the role of energy storage has never been more critical. Market analysts note that demand for such storage solutions is soaring, especially as renewable projects proliferate. Experts indicate that as storage capacity exceeds 0.5% of grid capacity, focus is shifting from managing frequency-response to longer-term storage solutions and applications.
The Role of MACSE in Energy Transition
Italy's recent introduction of the MACSE scheme is poised to further bolster this transition. As part of this initiative, the country is preparing for its first energy storage capacity auctions, set for next year. These auctions are aimed at promoting long-term energy storage projects and providing 15-year contracts to facilitate investments.
Regulatory Approvals in Place
N2OFF’s battery projects have already secured the necessary connection capacity approvals from Terna SpA, which is essential for the project execution. The timeline for development to reach the Ready-to-Build stage is estimated at approximately 18 to 24 months. This reflects N2OFF’s commitment to carrying out these projects efficiently and on schedule.
Statements from Company Leaders
Liran Giladi, chairman of the Brand Group, expressed enthusiasm for the joint venture, noting the promising outlook for the battery storage sector. He stated, "This partnership with N2OFF is expected to deliver substantial value to both companies and their shareholders. With our extensive experience in project development within Italy, we are confident this collaboration will thrive."
About N2OFF Inc.
N2OFF Inc., formerly known as Save Foods, Inc., is dedicated to providing sustainable solutions in the clean tech sector. The company specializes in initiatives that reduce greenhouse gas emissions and promote innovative agricultural technologies. Its subsidiary, NTWO OFF Ltd., focuses on mitigating nitrous oxide emissions, a significant contributor to global warming.
Expanding Reach through Solar Initiatives
The firm has recently ventured into the solar PV market. Alongside projects like the ones with Solterra, N2OFF is committed to driving renewable energy initiatives and expanding its footprint within the clean tech industry.
Commitment to Food Safety
In addition to its energy solutions, N2OFF is invested in addressing food safety issues through its majority-owned subsidiary, Save Foods Ltd. This entity focuses on techniques to prevent pathogen contamination in agricultural products, ensuring safer food for consumers.
Frequently Asked Questions
What are the capacity specifications of the new projects?
The projects will each have a capacity of 98MWp, totaling 392MWh of energy storage capability.
What percentage ownership will N2OFF have in the projects?
N2OFF will hold approximately 70% ownership in the initiated battery storage projects.
What is the timeline for project development?
The expected timeline for reaching a Ready-to-Build stage is around 18 to 24 months.
How do these projects support Italy's renewable energy goals?
The projects contribute to Italy's commitment to renewable energy by providing essential energy storage solutions, which enhance grid reliability.
Who can I contact for more information?
For inquiries, Michal Efraty from investor relations can be contacted via email at michal@efraty.com.
