N2OFF Inc. Solar PV JV Secures Approval to Connect First PV Solar Project in Germany to the Power Grid of a Regional Energy Provider
N2OFF, Inc. (NASDAQ: NITO) announced a significant milestone in its joint venture with Solterra Renewable Energy The first solar PV project in Melz, Germany, has secured approval to connect to the regional power grid, demonstrating compliance with safety standards and alignment with project timelines. The project, approved by the municipality, is expected to provide a total capacity of 111 MWp.
Solterra's co-CEO, Eran Litvak, emphasized the importance of securing grid connection in today's environment, while N2OFF's CEO, David Palach, expressed satisfaction with the project's progress. Solterra manages a portfolio of Solar PV projects across Italy, Poland, and Germany, with a total cumulative capacity of approximately 300 megawatts.
N2OFF, Inc. (NASDAQ: NITO) ha annunciato una tappa significativa nella sua joint venture con Solterra Renewable Energy. Il primo progetto di energia solare fotovoltaica a Melz, Germania, ha ottenuto l'approvazione per collegarsi alla rete elettrica regionale, dimostrando conformità agli standard di sicurezza e allineamento con i tempi del progetto. Il progetto, approvato dal comune, è previsto fornire una capacità totale di 111 MWp.
Il co-CEO di Solterra, Eran Litvak, ha sottolineato l'importanza di garantire il collegamento alla rete nell'attuale contesto, mentre il CEO di N2OFF, David Palach, ha espresso soddisfazione per i progressi del progetto. Solterra gestisce un portafoglio di progetti solari fotovoltaici in Italia, Polonia e Germania, con una capacità cumulativa totale di circa 300 megawatt.
N2OFF, Inc. (NASDAQ: NITO) anunció un hito significativo en su empresa conjunta con Solterra Renewable Energy. El primer proyecto de energía solar fotovoltaica en Melz, Alemania, ha obtenido la aprobación para conectarse a la red eléctrica regional, demostrando cumplimiento con los estándares de seguridad y alineación con los plazos del proyecto. El proyecto, aprobado por el municipio, se espera que proporcione una capacidad total de 111 MWp.
El co-CEO de Solterra, Eran Litvak, enfatizó la importancia de asegurar la conexión a la red en el entorno actual, mientras que el CEO de N2OFF, David Palach, expresó su satisfacción con el progreso del proyecto. Solterra gestiona un portafolio de proyectos solares fotovoltaicos en Italia, Polonia y Alemania, con una capacidad acumulativa total de aproximadamente 300 megavatios.
N2OFF, Inc. (NASDAQ: NITO)는 Solterra Renewable Energy와의 합작 투자에서 중요한 이정표를 발표했습니다. 독일 멜츠에 있는 첫 번째 태양광 PV 프로젝트가 지역 전력망에 연결될 승인을 받았으며, 안전 기준을 준수하고 프로젝트 일정에 맞춰 진행되고 있음을 보여주고 있습니다. 이 프로젝트는 지방 자치 단체의 승인을 받았으며, 총 용량 111 MWp를 제공할 것으로 예상됩니다.
Solterra의 공동 CEO인 Eran Litvak은 현재 환경에서 전력망 연결의 중요성을 강조했으며, N2OFF의 CEO인 David Palach은 프로젝트의 진행 상황에 대해 만족감을 표했습니다. Solterra는 이탈리아, 폴란드 및 독일 전역에서 태양광 PV 프로젝트 포트폴리오를 관리하고 있으며, 총 누적 용량은 약 300 메가와트입니다.
N2OFF, Inc. (NASDAQ: NITO) a annoncé une étape importante dans sa coentreprise avec Solterra Renewable Energy. Le premier projet de panneaux solaires photovoltaïques à Melz, Allemagne, a obtenu l'approbation pour se connecter au réseau électrique régional, démontrant sa conformité aux normes de sécurité et son respect des délais de projet. Le projet, approuvé par la municipalité, devrait fournir une capacité totale de 111 MWp.
Le co-CEO de Solterra, Eran Litvak, a souligné l'importance de garantir la connexion au réseau dans l'environnement actuel, tandis que le CEO de N2OFF, David Palach, a exprimé sa satisfaction quant aux progrès du projet. Solterra gère un portefeuille de projets solaires photovoltaïques en Italie, Pologne et Allemagne, avec une capacité cumulée totale d'environ 300 mégawatts.
N2OFF, Inc. (NASDAQ: NITO) hat einen bedeutenden Meilenstein in seinem Joint Venture mit Solterra Renewable Energy angekündigt. Das erste Solar-PV-Projekt in Melz, Deutschland, hat die Genehmigung zur Anbindung an das regionale Stromnetz erhalten und entspricht damit den Sicherheitsstandards und den Projektzeitplänen. Das Projekt, das von der Gemeinde genehmigt wurde, wird voraussichtlich eine Gesamtleistung von 111 MWp bereitstellen.
Der Co-CEO von Solterra, Eran Litvak, betonte die Bedeutung der Sicherstellung der Netzverbindung in der heutigen Umgebung, während der CEO von N2OFF, David Palach, seine Zufriedenheit mit dem Fortschritt des Projekts äußerte. Solterra verwaltet ein Portfolio von Solar-PV-Projekten in Italien, Polen und Deutschland mit einer gesamt kumulierten Kapazität von etwa 300 Megawatt.
- Secured approval for grid connection of first PV solar project in Germany
- Project aligned with set timeline and milestones
- Expected total capacity of 111 MWp for the Melz project
- Reduced regulatory and operational risks for the project
- None.
The approval for N2OFF's joint venture project to connect to the German power grid is a positive development, albeit with moderate impact. This 111 MWp solar project in Melz, Germany, represents a significant step in N2OFF's expansion into the European renewable energy market. The approval mitigates regulatory risks and aligns with project timelines, which is important in the competitive solar sector.
However, investors should note that this is just one project in a broader portfolio. The real test will be the successful implementation and operation of the facility, as well as its financial performance. The partnership with Solterra, which manages about 300 MW of solar projects across Europe, could provide valuable expertise and market access for N2OFF's growth strategy.
While the grid connection approval is a positive step, its financial impact remains unclear without specific revenue projections or capital expenditure details. Investors should focus on the project's potential contribution to N2OFF's future earnings and cash flows. The 111 MWp capacity suggests a substantial investment, but profitability will depend on factors like power purchase agreements, operational efficiency and German renewable energy policies.
N2OFF's partnership with Solterra could be strategically valuable, given Solterra's founders' experience and their portfolio across Italy, Poland and Germany. This diversification may help mitigate country-specific risks. However, the renewable energy sector is highly competitive and investors should monitor N2OFF's ability to secure financing and maintain profitability as it expands its European operations.
According to Solterra this approval demonstrates the project meets the required safety standards to connect to the power grid and is currently aligned with the set timeline and milestones
Neve Yarak, Israel, Aug. 27, 2024 (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 the agri- tech, announced today that as part of its joint venture with Solterra Renewable Energy Ltd. (“Solterra”), the first solar PV project secured the required approval to connect to the power grid of a regional energy service provider in Germany.
The project was approved by the municipality of Melz, Germany, and is expected to provide a total capacity of 111 MWp (Megawatt peak).
Eran Litvak, Solterra’s co- CEO, commented “In today's rapidly evolving environment, securing a power grid connection has become a critical factor in the potential success of a project. Such approval demonstrates that the project can be safely connected to the power grid. Securing a power grid connection with sufficient capacity to support the whole Melz project, and within our planned timeframe, is a significant milestone for this project, that can potentially contribute to its value.”
David Palach, N2OFF’s CEO, commented “We are pleased with the timely progress of our first project in collaboration with Solterra. Reducing the project's regulatory and operational risks provide us with a sense of comfort in our decision to collaborate with Solterra’s seasoned team.”
Solterra is currently active in three primary target markets: Italy, Poland, and Germany, managing a portfolio at various stages of Solar PV development with a total cumulative capacity of approximately 300 megawatts. Solterra was founded in 2022 by Eran Litvak and Yair Harel, in the field of renewable energy. Each of the founders is a veteran in the energy sector, with a track record of dozens of successful projects. In addition, both founders are seasoned entrepreneurs and managers with over 20 years of proven experience in identifying business opportunities, enhancing projects, and maximizing value in both the energy and financial sectors.
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 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 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, the project receiving the required approval and successfully connecting to a power grid, our ability to successfully enter the solar PV sector and the profitability of such industry. 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 total capacity of N2OFF's first solar PV project in Germany?
Which markets is Solterra currently active in for Solar PV development?
What is the total cumulative capacity of Solterra's Solar PV portfolio?
When was the approval for N2OFF's (NITO) first solar project in Germany secured?
