N2OFF INC. Enters the Growing Solar PV Market and signs an Agreement with a Company of Seasoned Experts in the Field
July 22 2024 - 8:25AM
N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF”, or the “Company”), a
clean- tech company offering sustainable solutions for various
industries, announced today the expansion to the solar PV
(photovoltaic) market, potentially proving investors lucrative
assets alongside its innovation for the agri- tech market.
N2OFF partnered with Solterra Renewable Energy
Ltd. (“Solterra”), a company founded in 2022 by Eran Litvak and
Yair Harel, in the field of solar PV systems. Each of the founders
is an expert in the field of solar PV, with a track record of
dozens of successful projects. In addition, both are experienced
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.
Solterra is currently active in three primary
target markets: Italy, Poland, and Germany, managing a portfolio of
at various stages of Solar PV development with a total cumulative
capacity of approximately 300 megawatts.
“In recent months, we focused on the development
of our subsidiary, NTWO OFF Ltd., which aims to reduce N₂O
emissions using innovative bacterial technology for agriculture. In
parallel, we identified what we believe is an attractive
opportunity in the growing solar PV market. Our decision to enter
this field was primarily driven by our collaboration with the
experts from Solterra, who have experience in leading solar PV
projects. The current loan agreement marks the beginning of a
collaboration we believe could have great potential for
profitability and revenue generation in future projects” David
Palach, Chief Executive Officer of N2OFF.
According to Precedence Research, the global
solar PV market was estimated at $150 billion in 2022 and is
predicted to hit over $383.78 billion by 2032 and poised to grow at
a CAGR of 9.90% during the forecast period from 2023 to 2032.
N2OFF entered into a loan agreement with
Solterra and certain other private investors pursuant to which they
committed to loan Solterra an aggregate of €500,000, of which
€375,000 was committed by the Company.
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.)
is a clean-tech company that through its three operational
subsidiaries delivers integrated solutions for improved safety,
quality, and sustainability from field to table. Save Foods Ltd.,
N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest
treatments in fruit and vegetables to control and prevent pathogen
contamination, significantly reduce the use of hazardous chemicals,
and prolong fresh produce’s shelf life. NTWO OFF Ltd., N2OFF's
majority-owned Israeli subsidiary, seeks to contribute to 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
additionally holds 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 that are nutritious, gluten free,
non-allergenic, use whole natural ingredients, and are easy to
prepare. 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. 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 Efratymichal@efraty.com
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