N2OFF (NASDAQ: NITO) (FSE: 80W), a clean-tech company engaged in sustainable solutions for energy and innovation for the agritech space, has entered its first European Union photovoltaic (“PV”) market with an initial 111 Megawatt peak (“MW”) project. The company entered the German market as part of an agreement with Solterra Renewable Energy Ltd. and a number of private investors. According to the announcement, the company can fund up to €8 million for up to 50% rights in several solar PV projects to be developed by Solterra Renewable Energy Ltd; the first project has already received municipal approval as well as an indicative solution for grid connection by a large regional energy-service provider in Germany.
“We are pleased to announce our entry in the solar-energy sector with our first project,” said N2OFF CEO David Palach in the press release. “Our goal is to create a reliable revenue stream by financing projects carefully selected by the Solterra team, our experts in the field. Based on recent market trends, we expect the global demand for alternative energy solutions to continue growing annually, as awareness of the need to create environmentally friendly solutions to help preserve our planet increases. We believe this to be a contributing factor to the attractive profit margins in this sector. Subject to the right of first refusal granted to us, we look forward to analyzing and investing in future projects.”
To view the full press release, visit https://ibn.fm/MeYME
About N2OFF Inc.
N2OFF (formerly known as Save Foods Inc.) is a clean-tech company engaged in sustainable solutions for energy and innovation for agritech. Through its operational activities, the company delivers integrated solutions for sustainable energy, greenhouse-gas-emissions reduction and safety, quality solutions for the agritech 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 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 TSX.V that offers a wide range of clean-label healthy food options. For more information about the company, please visit www.N2OFF.com.
NOTE TO INVESTORS: The latest news and updates relating to N2OFF are available in the company’s newsroom at https://ibn.fm/NITO
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