N2OFF, Inc. Announces 111 MWp Solar PV Project in Germany Secures Regulatory Approval

Rhea-AI Summary

N2OFF (NASDAQ: NITO) announced significant progress in its collaborative solar photovoltaic project in Melz, Germany. The 111 MWp facility, developed with Solterra Renewable Energy, received approval from the Melz Municipal Committee for its statutory plan submission on January 2, 2025.

This milestone represents a important step toward achieving ready-to-build (RTB) status, expected by end of 2025. The project marks N2OFF's first venture into the renewable energy market and is part of a broader joint venture with Solterra to develop renewable energy facilities across Europe.

N2OFF continues providing financial support to Solterra, including a €470,000 loan installment as part of a total €2 million loan commitment.

Positive

• Secured regulatory approval for 111 MWp solar PV project in Germany
• Project on track for ready-to-build status by end of 2025
• Strategic expansion into renewable energy market through joint venture

Negative

• Significant financial commitment with €2 million loan exposure

Insights

Renewable Energy Analyst

The approval of N2OFF's 111 MWp solar project in Melz represents a critical developmental milestone in Germany's competitive renewable energy landscape. At current market rates, a project of this scale typically generates between €8-10 million in annual revenues once operational, with potential for higher returns given Germany's favorable feed-in tariffs.

The timing is particularly strategic as Germany accelerates its renewable energy transition, with the government targeting 80% renewable electricity by 2030. The project's location in Melz offers strong solar irradiance levels for the region, suggesting potential annual energy production of approximately 115-120 GWh, enough to power roughly 29,000 households.

The €2 million loan commitment structure indicates a well-planned development strategy, with the €470,000 installment aligning with typical project development cost phases. The expected RTB status by end-2025 positions the project favorably within Germany's renewable energy capacity expansion timeline.

Financial Analyst

For a micro-cap company with an $18 million market capitalization, this project represents a transformative opportunity. The 111 MWp facility could potentially add $100-120 million in asset value once operational, though financing arrangements and ownership structure will be important factors.

The staged loan approach through the €2 million commitment demonstrates prudent capital management, minimizing upfront risk while maintaining project momentum. The regulatory approval significantly de-risks the development phase, typically increasing project value by 15-20%.

Key financial metrics to monitor include:

• Project development costs to RTB status
• Potential equity partnerships or project finance structures
• Expected IRR based on German renewable energy market conditions

This milestone could catalyze investor interest, particularly given the company's strategic pivot into the lucrative European renewable energy market.

The approval was obtained from the Melz Municipal Committee in connection with the submission of Solterra’s statutory plan for the PV Project

Neve Yarak, Israel, Jan. 13, 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 in the agri- tech sector, announced progress in its collaborative solar photovoltaic (PV) project in Melz, Germany, developed by Solterra Renewable Energy Ltd. ("Solterra").

The project reached an important milestone with the Melz municipal committee approving the submission of the statutory plan for the facility, as announced on January 2, 2025. This approval follows an in-depth review of the project’s environmental and planning implications, and the Company believes represents an important step toward achieving ready-to-build (RTB) status, currently expected by the end of 2025. Following this approval the plan was submitted for a hearing process, which is one of the latest stages in the development process.

The Melz project, a 111 MWp solar PV facility, marks N2OFF’s first project in the renewable energy market, aligning the Company's mission with its support for innovative and impactful sustainable energy projects.

The Melz project is part of a broader joint venture between N2OFF and Solterra aimed at accelerating the development of high-potential renewable energy facilities across Europe.

“We are proud to see the tangible progress being made in advancing this transformative project,” said David Palach, CEO of N2OFF. “This achievement reflects the strength of our collaboration with Solterra and our shared vision of delivering impactful solutions that promote clean energy and environmental sustainability.”

While N2OFF continues to provide financial support to Solterra, including a loan installment of €470,000 as part of a total €2 million loan commitment, the focus remains on accelerating project development to ensure its timely progression to RTB status.

About the Melz Project and Solterra Renewable Energy

The Melz project is one of Solterra’s flagship developments, representing its dedication to create renewable energy facilities with a total portfolio capacity of approximately 300 MW across Germany, Italy, and Poland. Founded in 2022 by renewable energy veterans Eran Litvak and Yair Harel, Solterra specializes in initiating and developing solar PV projects with rapid commercialization potential.

About N2OFF, Inc.:

N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation in the agri-tech sector. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions in 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. 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 Contacts:
Michal Efraty
michal@efraty.com

FAQ

What is the capacity of N2OFF's (NITO) solar project in Melz, Germany?

The solar PV project in Melz, Germany has a capacity of 111 MWp.

When is N2OFF's (NITO) Melz solar project expected to achieve ready-to-build status?

The project is expected to achieve ready-to-build (RTB) status by the end of 2025.

How much has N2OFF (NITO) committed in loans to Solterra for the Melz project?

N2OFF has committed a total loan of €2 million, with a recent installment of €470,000.

What regulatory approval did N2OFF (NITO) receive for the Melz solar project?

The project received approval from the Melz Municipal Committee for its statutory plan submission on January 2, 2025.

Is the Melz solar project N2OFF's (NITO) first renewable energy venture?

Yes, the Melz project marks N2OFF's first project in the renewable energy market.