N2OFF, Inc. Announces Its JV with Soltera Renewable Energy Ltd Obtained an Approval of 111 MWp Solar PV Project in Meltz Germany

Rhea-AI Summary

N2OFF (NASDAQ: NITO) announced significant progress in its joint venture solar photovoltaic project with Solterra Renewable Energy in Melz, Germany. The Melz municipal committee approved the submission of the statutory plan for the 111 MWp solar PV facility on December 31st, 2024. This milestone brings the project closer to achieving ready-to-build (RTB) status, expected by the end of 2025.

The project represents N2OFF's first venture into the renewable energy market and is part of a broader joint venture with Solterra aimed at developing renewable energy facilities across Europe. N2OFF continues to provide financial support to Solterra, including a €470,000 loan installment as part of a total €2 million commitment.

Positive

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

Negative

• Significant financial commitment with €2 million loan to Solterra
• Project still requires additional approvals before construction can begin

Insights

Renewable Energy Expert

The approval of N2OFF's 111 MWp solar project in Melz represents a significant milestone in Germany's renewable energy landscape. The €2 million loan commitment demonstrates substantial financial backing for this venture. At current market rates, a project of this size typically generates between €8-10 million in annual revenue when operational, with potential IRR ranging from 8-12% over its lifecycle.

The strategic location in Melz, Germany, positions the project favorably within Europe's largest electricity market. Germany's commitment to phase out nuclear power and reduce coal dependency creates strong demand for utility-scale solar projects. The expected RTB status by end-2025 aligns well with Germany's accelerated renewable energy targets and could benefit from enhanced feed-in tariffs under the EEG (Renewable Energy Sources Act).

The municipal committee's approval substantially de-risks the project's development phase, typically reducing financing costs and increasing project valuation. For context, similar utility-scale solar projects in Germany have seen valuation increases of 15-25% upon achieving key regulatory milestones.

Investment Analyst

This development marks a pivotal expansion for N2OFF into the lucrative European renewable energy market. The €2 million loan structure suggests a calculated entry strategy, limiting initial capital exposure while maintaining project control. The 111 MWp capacity positions this as a mid-sized utility project, offering potential for meaningful revenue contribution once operational.

The joint venture with Solterra provides important local market expertise and development capabilities, essential for navigating Germany's complex renewable energy landscape. The progress toward RTB status by end-2025 indicates a well-managed development timeline, though investors should monitor for potential delays in the final hearing process.

For NITO shareholders, this represents a strategic diversification from the company's agri-tech focus into the high-growth renewable energy sector. Given the company's $4.37 billion market cap, successful execution of this project could provide a new growth vector and potential valuation catalyst.

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. 02, 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, is pleased to announce progress in its collaborative solar photovoltaic (PV) project in Melz, Germany, developed by Solterra Renewable Energy Ltd. ("Solterra").

On December 31^st, 2024, the project reached an important milestone with the Melz municipal committee approving the submission of the statutory plan for the facility. This approval follows an in-depth review of the project’s environmental and planning implications and the Company 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 facility in Melz, Germany has a capacity of 111 MWp.

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

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

How much financial support has N2OFF (NITO) committed to Solterra for the Melz project?

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

What major approval did N2OFF (NITO) receive for the Melz project on December 31st, 2024?

The Melz municipal committee approved the submission of the statutory plan for the solar PV facility.