N2OFF and Solterra Brand Services Italy executed a binding LOI to Develop Two 98MWp Battery Storage Projects in Sicily
N2OFF (NASDAQ: NITO) has signed a binding LOI with Solterra Brand Services Italy (SBSI) to develop two Battery Storage (BESS) systems in Sicily, each with 98MWp/392MWh capacity. The agreement follows positive due diligence results and a non-binding term sheet from November 2024.
The total investment is set at up to €2.35 million, to be paid in milestones, with N2OFF securing approximately 70% ownership in the projects. The development is expected to take 18-24 months to reach Ready-to-Build stage.
The projects have received connection capacity approval from Terna SpA and align with Italy's MACSE scheme, which plans to conduct its first energy storage capacity auctions in the first half of 2025, offering 15-year contracts to support renewable energy transition.
N2OFF (NASDAQ: NITO) ha firmato una lettera di intenti vincolante con Solterra Brand Services Italy (SBSI) per sviluppare due sistemi di stoccaggio energetico con batterie (BESS) in Sicilia, ciascuno con una capacità di 98MWp/392MWh. L'accordo segue risultati positivi della due diligence e una bozza di termine non vincolante di novembre 2024.
L'investimento totale è fissato a un massimo di €2,35 milioni, da pagare in fasi, con N2OFF che si assicura circa il 70% della proprietà dei progetti. Si prevede che lo sviluppo richiederà dai 18 ai 24 mesi per raggiungere la fase di Pronto per Costruire.
I progetti hanno ricevuto l'approvazione della capacità di connessione da Terna SpA e sono in linea con il programma MACSE dell'Italia, che prevede la prima asta di capacità di stoccaggio energetico nella prima metà del 2025, offrendo contratti di 15 anni per sostenere la transizione verso le energie rinnovabili.
N2OFF (NASDAQ: NITO) ha firmado una carta de intención vinculante con Solterra Brand Services Italy (SBSI) para desarrollar dos sistemas de almacenamiento de energía con baterías (BESS) en Sicilia, cada uno con una capacidad de 98MWp/392MWh. El acuerdo sigue resultados positivos en la debida diligencia y una hoja de términos no vinculante de noviembre de 2024.
La inversión total está fijada en hasta €2,35 millones, que se pagarán en hitos, con N2OFF asegurando aproximadamente el 70% de la propiedad en los proyectos. Se espera que el desarrollo tome de 18 a 24 meses para alcanzar la etapa de Listo para Construir.
Los proyectos han recibido aprobación de capacidad de conexión de Terna SpA y se alinean con el esquema MACSE de Italia, que planea llevar a cabo sus primeras subastas de capacidad de almacenamiento de energía en la primera mitad de 2025, ofreciendo contratos de 15 años para apoyar la transición hacia energías renovables.
N2OFF (NASDAQ: NITO)는 이탈리아의 솔테라 브랜드 서비스(SBSI)와 SICILY에서 각 98MWp/392MWh 용량의 두 개의 배터리 저장 시스템(BESS)을 개발하기 위한 구속력 있는 LOI(의향서)를 체결했습니다. 이 계약은 긍정적인 실사를 수행한 결과와 2024년 11월의 비구속적 조건서에 따릅니다.
총 투자액은 €2.35 백만으로 설정되며, 이 금액은 단계적으로 지급되며, N2OFF는 프로젝트의 약 70% 소유권을 확보합니다. 개발은 '건축 준비 완료' 단계에 도달하는 데 18-24개월이 걸릴 것으로 예상됩니다.
이 프로젝트들은 Terna SpA의 연결 용량 승인을 받았으며, 이탈리아의 MACSE 계획에 부합합니다. 이 계획은 2025년 상반기에 최초의 에너지 저장 용량 경매를 실시하여 재생 가능 에너지 전환을 지원하기 위한 15년 계약을 제공할 예정입니다.
N2OFF (NASDAQ: NITO) a signé une lettre d'intention engageante avec Solterra Brand Services Italy (SBSI) pour développer deux systèmes de stockage d'énergie par batteries (BESS) en Sicile, chacun ayant une capacité de 98MWp/392MWh. L'accord fait suite à des résultats de due diligence positifs et à une feuille de conditions non contraignante de novembre 2024.
Le montant total de l'investissement est fixé à un maximum de 2,35 millions d'euros, à payer par étapes, N2OFF sécurisant environ 70% de la propriété des projets. Le développement devrait prendre entre 18 et 24 mois pour atteindre l'état Prêt à Construire.
Les projets ont reçu l'approbation de la capacité de connexion de Terna SpA et sont en accord avec le programme MACSE d'Italie, qui prévoit de réaliser ses premières enchères de capacité de stockage d'énergie au cours du premier semestre 2025, offrant des contrats de 15 ans pour soutenir la transition vers les énergies renouvelables.
N2OFF (NASDAQ: NITO) hat eine verbindliche Absichtserklärung mit Solterra Brand Services Italy (SBSI) unterzeichnet, um zwei Batteriespeichersysteme (BESS) in Sizilien zu entwickeln, jeweils mit einer Kapazität von 98MWp/392MWh. Die Vereinbarung folgt auf positive Ergebnisse der Due Diligence und einem nicht bindenden Termsheet vom November 2024.
Die Gesamttotalinvestition wird auf bis zu 2,35 Millionen Euro festgelegt, die in Meilensteinen gezahlt werden, wobei N2OFF etwa 70% Eigentum an den Projekten sichert. Die Entwicklung wird voraussichtlich 18 bis 24 Monate in Anspruch nehmen, um die Bau bereit-Stufe zu erreichen.
Die Projekte haben die Genehmigung der Anschlusskapazität von Terna SpA erhalten und stehen im Einklang mit dem MACSE-Programm Italiens, das plant, in der ersten Hälfte von 2025 seine ersten Auktionen zur Speicherkapazität durchzuführen und 15-Jahres-Verträge zur Unterstützung des Übergangs zu erneuerbaren Energien anzubieten.
- Secured 70% ownership in two large-scale battery storage projects in Sicily
- Projects already received grid connection approval from Terna SpA
- Potential revenue stream through Italy's MACSE scheme with 15-year contracts
- Strategic entry into European energy storage market
- Significant upfront investment of €2.35 million required
- Long development timeline of 18-24 months before reaching Ready-to-Build stage
- Project success dependent on future MACSE auction outcomes
Insights
This strategic acquisition marks a significant positioning in Italy's emerging battery storage market. The
The timing aligns perfectly with Italy's grid transformation needs - as renewable penetration increases, longer-duration storage becomes critical for price arbitrage and capacity provision. With Terna SpA's connection approval secured, these assets are well-positioned to capitalize on the evolving market dynamics. The 18-24 month development timeline to RTB status suggests potential revenue generation could align with projected market maturity.
For a company with a
This deal structure reflects sophisticated risk management for a small-cap company entering a new market. The milestone-based payments and majority ownership position provide strong operational control while leveraging local expertise. The binding LOI following successful due diligence indicates thorough deal validation.
Key risk considerations include:
- Execution risk during 18-24 month development phase
- Regulatory dependence on MACSE auction outcomes
- Grid connection risks despite preliminary approvals
- Currency exposure with Euro-denominated investment
N2OFF will hold approximately
Neve Yarak, Israel, Jan. 03, 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, announced today that on January 3 2025 it has signed a binding LOI with Solterra Ltd’s subsidiary ,Soltera Brand Services Italy (“SBSI”), a company that specializes in the origination and development of renewable energy projects in Italy (“Solterra Italy”). According to the terms of the LOI the Projects will include the purchase and development of 2 Battery Storage ("BESS") systems in Sicily, each with a capacity of 98MWp/392MWh.
The binding term sheet was executed following a none binding TS executed by the parties in November 24 2024 and after Solterra Ltd reported positive DD results. The TS outlines the framework for the purchase and development of the projects, with a total investment of up to
These projects are part of the broader joint venture between N2OFF and Solterra Renewable Energy Ltd., which focuses on solar and energy storage initiatives. The collaboration reflects the companies’ shared vision of advancing renewable energy adoption and addressing the increasing demand for energy storage solutions to enhance grid flexibility.
As more renewable projects are coming online, the storage market is in demand and is crucial for grid flexibility. According to DNV (https://www.dnv.com/) a global leading consultancy firm,in their report on Energy Transition 2024, "as storage capacity surpasses
The current 2 BESS projects have already received approval for the connection capacity from Terna SpA (the Italian transmission company), which will be secured simultaneously with the closing of the transaction. The development is currently expected to take 18-24 months for these projects to reach a Ready-to-Build stage.
Liran Giladi, chairman of Brand Group (Partner in SBSI) remarked " I am looking forward to our partnership with N2OFF on these projects. We believe that the BESS market is on the rise and that this joint venture may bring value to the shareholders of both entities. Solterra Brand Services Italy has extensive experience in project development in Italy, and with the support of N2OFF we believe this will be a fruitful collaboration which may even expand in the future".
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. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd. visit our website: www.n2off.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties including the success of our collaboration with Solterra, entry into future projects, our ability to successfully enter the solar PV sector, the profitability of such industry, and the potential added value of the increased capacity. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty
michal@efraty.com
FAQ
What is the total capacity of N2OFF's (NITO) new battery storage projects in Sicily?
How much will N2OFF (NITO) invest in the Sicily battery storage projects?
What percentage ownership will N2OFF (NITO) have in the Sicily BESS projects?
When are N2OFF's (NITO) Sicily battery storage projects expected to be ready to build?
How will Italy's MACSE scheme benefit N2OFF's (NITO) battery storage projects?
