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Neve Yarak, Israel, March 18, 2025 (GLOBE NEWSWIRE) -- N2OFF, Inc.(NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech, have signed a non-binding letter of intent (“LOI”) with SB Impact 4 Srl (“SB Impact 4”) and Solterra Brand Services Italy Srl (“Solterra”), which relates to the investment and development of up to four additional utility-scale Battery Energy Storage System projects in Puglia, Italy, with a combined potential capacity of 380 MW.
This LOI builds on the existing Development Service Agreement between Solterra and SB Impact 4, which granted exclusivity to SB Impact 4 and N2OFF for evaluating and potentially acquiring these projects within a 60-day period. The new projects under negotiation are all located in the Puglia region of Italy, some of which have a grid already secured, and some which remain at an early stage of development.
These projects are part of the broader joint venture between N2OFF and Solterra Renewable Energy Ltd., which focuses on solar and energy storage initiatives. Currently N2OFF has committed to invest up to €4.4 million in projects located in Germany and Italy for total capacity of over 300 MW.
Under the LOI, SB Impact 4 will acquire one or more of these projects, integrating them into the existing Development Service Agreement. The development milestones will include structured payment terms based on key project phases such as land reservation, permits, and project readiness for sale.
“This announcement marks yet another step forward in expanding our footprint in the energy storage sector,” said David Palah, CEO of N2OFF. “With these new projects, we aim to enhance grid stability and support the transition to a more resilient and sustainable energy infrastructure.”
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute in tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will provide funding to Solterra Renewable Energy Ltd. for the current project in the total Capacity of 111 MWp, as well as potential future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. For more information on Save Foods Ltd. and NTWO OFF Ltd. visit our website: www.n2off.com.