N2OFF Signs Non-Binding LOI for Potential 380MW Battery Energy Storage Projects
N2OFF (NASDAQ: NITO) has signed a non-binding letter of intent (LOI) with SB Impact 4 and Solterra for the potential development of four utility-scale Battery Energy Storage System projects in Puglia, Italy, with a combined capacity of 380 MW.
The LOI extends an existing Development Service Agreement that grants exclusivity to SB Impact 4 and N2OFF for project evaluation and acquisition within a 60-day period. Some projects have already secured grid connections, while others are in early development stages.
These initiatives are part of N2OFF's joint venture with Solterra Renewable Energy , focusing on solar and energy storage. The company has already committed €4.4 million in projects across Germany and Italy, representing over 300 MW of total capacity. The development process will include structured payments based on key milestones such as land reservation, permits, and project readiness.
N2OFF (NASDAQ: NITO) ha firmato una lettera di intenti non vincolante (LOI) con SB Impact 4 e Solterra per lo sviluppo potenziale di quattro progetti di sistemi di accumulo energetico a batteria su larga scala in Puglia, Italia, con una capacità combinata di 380 MW.
La LOI estende un accordo di servizio di sviluppo esistente che concede esclusività a SB Impact 4 e N2OFF per la valutazione e l'acquisizione dei progetti entro un periodo di 60 giorni. Alcuni progetti hanno già ottenuto connessioni alla rete, mentre altri sono nelle fasi iniziali di sviluppo.
Queste iniziative fanno parte della joint venture di N2OFF con Solterra Renewable Energy, focalizzandosi su energia solare e accumulo energetico. L'azienda ha già impegnato €4,4 milioni in progetti in Germania e Italia, rappresentando oltre 300 MW di capacità totale. Il processo di sviluppo includerà pagamenti strutturati basati su traguardi chiave come la prenotazione dei terreni, i permessi e la prontezza del progetto.
N2OFF (NASDAQ: NITO) ha firmado una carta de intención no vinculante (LOI) con SB Impact 4 y Solterra para el desarrollo potencial de cuatro proyectos de sistemas de almacenamiento de energía en baterías a gran escala en Puglia, Italia, con una capacidad combinada de 380 MW.
La LOI extiende un acuerdo de servicio de desarrollo existente que otorga exclusividad a SB Impact 4 y N2OFF para la evaluación y adquisición de proyectos dentro de un período de 60 días. Algunos proyectos ya han asegurado conexiones a la red, mientras que otros están en etapas iniciales de desarrollo.
Estas iniciativas son parte de la empresa conjunta de N2OFF con Solterra Renewable Energy, enfocándose en energía solar y almacenamiento de energía. La empresa ya ha comprometido €4,4 millones en proyectos en Alemania e Italia, representando más de 300 MW de capacidad total. El proceso de desarrollo incluirá pagos estructurados basados en hitos clave como la reserva de terrenos, permisos y la preparación del proyecto.
N2OFF (NASDAQ: NITO)는 SB Impact 4 및 Solterra와 함께 이탈리아 풀리아에서 380 MW의 총 용량을 가진 4개의 대규모 배터리 에너지 저장 시스템 프로젝트 개발을 위한 비구속적 의향서(LOI)에 서명했습니다.
이 LOI는 SB Impact 4와 N2OFF에게 프로젝트 평가 및 인수를 위한 60일의 독점권을 부여하는 기존 개발 서비스 계약을 연장합니다. 일부 프로젝트는 이미 전력망 연결을 확보했으며, 다른 프로젝트는 초기 개발 단계에 있습니다.
이러한 이니셔티브는 N2OFF와 Solterra Renewable Energy의 합작 투자 일환으로, 태양광 및 에너지 저장에 중점을 두고 있습니다. 회사는 이미 독일과 이탈리아에서 440만 유로를 프로젝트에 투자했으며, 이는 총 300 MW 이상의 용량을 나타냅니다. 개발 과정은 토지 예약, 허가 및 프로젝트 준비와 같은 주요 이정표에 따라 구조화된 지불을 포함할 것입니다.
N2OFF (NASDAQ: NITO) a signé une lettre d'intention non contraignante (LOI) avec SB Impact 4 et Solterra pour le développement potentiel de quatre projets de systèmes de stockage d'énergie par batterie à grande échelle en Pouilles, Italie, avec une capacité combinée de 380 MW.
La LOI prolonge un accord de service de développement existant qui accorde l'exclusivité à SB Impact 4 et N2OFF pour l'évaluation et l'acquisition de projets dans un délai de 60 jours. Certains projets ont déjà obtenu des connexions au réseau, tandis que d'autres en sont aux premières étapes de développement.
Ces initiatives font partie de la coentreprise de N2OFF avec Solterra Renewable Energy, axée sur l'énergie solaire et le stockage d'énergie. L'entreprise a déjà engagé 4,4 millions d'euros dans des projets en Allemagne et en Italie, représentant plus de 300 MW de capacité totale. Le processus de développement comprendra des paiements structurés basés sur des étapes clés telles que la réservation de terrains, les permis et la préparation du projet.
N2OFF (NASDAQ: NITO) hat einen nicht verbindlichen Absichtserklärung (LOI) mit SB Impact 4 und Solterra unterzeichnet, um potenziell vier großangelegte Projekte für Batteriespeichersysteme in Apulien, Italien, mit einer Gesamtkapazität von 380 MW zu entwickeln.
Die LOI verlängert einen bestehenden Entwicklungsdienstleistungsvertrag, der SB Impact 4 und N2OFF für die Projektbewertung und -akquise innerhalb eines Zeitraums von 60 Tagen Exklusivität gewährt. Einige Projekte haben bereits Netzanschlüsse gesichert, während andere sich in frühen Entwicklungsphasen befinden.
Diese Initiativen sind Teil des Joint Ventures von N2OFF mit Solterra Renewable Energy, das sich auf Solarenergie und Energiespeicherung konzentriert. Das Unternehmen hat bereits 4,4 Millionen Euro in Projekte in Deutschland und Italien investiert, was über 300 MW Gesamtkapazität repräsentiert. Der Entwicklungsprozess wird strukturierte Zahlungen umfassen, die auf wichtigen Meilensteinen wie der Reservierung von Grundstücken, Genehmigungen und der Projektbereitschaft basieren.
- Expansion of energy storage portfolio with potential 380 MW additional capacity
- Some projects already have secured grid connections
- Part of existing joint venture strategy with established partner
- Structured milestone-based payment terms reduce upfront investment risk
- LOI is non-binding, indicating uncertainty in deal completion
- Some projects still in early development stage with no secured grid connection
- Significant capital investment of €4.4M required for project development
- 60-day exclusivity period creates time pressure for due diligence and decision-making
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
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.
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 Registration Statement on Form S-1/A filed with the SEC on February 14, 2025, 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
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