(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, including cleantech Stocks reports on trading and news for N2OFF, Inc. (NASDAQ: NITO ) (FSE:80W), a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech.
The stock is trading at $2.6600, up $1.5900, gaining 148.5981% on volume of over 292 Million shares as of this report. The stock made the nasdaq top percentage gainers list and has a morning high of $3.48.
The company announced today that on January 3 2025 it has signed a binding LOI with Solterra Ltd's subsidiary ,Soltera Brand Services Italy ("SBSI"), a company that specializes in the origination and development of renewable energy projects in Italy . According to the terms of the LOI the Projects will include the purchase and development of 2 Battery Storage ("BESS") systems in Sicily, each with a capacity of 98MWp/392MWh.
The binding term sheet was executed following a none- binding TS executed by the parties in November 24 2024 and after Solterra Ltd reported positive DD results. The TS outlines the framework for the purchase and development of the projects, with a total investment of up to €2.35 million, to be paid in milestones. Upon completion, N2OFF will hold approximately 70% ownership in the projects, further solidifying its entry into the European energy storage market.
These projects are part of the broader joint venture between N2OFF and Solterra Renewable Energy Ltd., which focuses on solar and energy storage initiatives. The collaboration reflects the companies' shared vision of advancing renewable energy adoption and addressing the increasing demand for energy storage solutions to enhance grid flexibility.
As more renewable projects are coming online, the storage market is in demand and is crucial for grid flexibility. According to DNV ( a global leading consultancy firm, in their report on Energy Transition 2024, "as storage capacity surpasses 0.5% of grid capacity, the focus is transitioning from frequency-response management to broader applications such as price arbitrage or capacity provision, which increases the demand for longer term storage projects". Italy has recently introduced the MACSE scheme. MACSE currently plans to conduct its first energy storage capacity auctions in the first half of 2025, offering 15-year contracts to incentivize the development of storage projects. This mechanism is designed to support Italy's transition to renewable energy by ensuring grid stability and reliability.
The current 2 BESS projects have already received approval for the connection capacity from Terna SpA (the Italian transmission company), which will be secured simultaneously with the closing of the transaction. The development is currently expected to take 18-24 months for these projects to reach a Ready-to-Build stage.
Liran Giladi, chairman of Brand Group (Partner in SBSI) remarked " I am looking forward to our partnership with N2OFF on these projects. We believe that the BESS market is on the rise and that this joint venture may bring value to the shareholders of both entities. Solterra Brand Services Italy has extensive experience in project development in Italy, and with the support of N2OFF we believe this will be a fruitful collaboration which may even expand in the future".
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