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, announced the closing of a definitive agreement with Solterra Renewable Energy Ltd.'s subsidiary, Solterra Brand Services Italy. Solterra specializes in the origination and development of renewable energy projects in Italy. Under the agreement, N2OFF has acquired 2 Battery Storage ("BESS") systems in Sicily, Italy, each with a capacity of 98MWp/392MWh.
The agreement, recently announced, includes the purchase and development of the projects, with a total investment of up to €2.3 million, to be paid in milestones. N2OFF will hold 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.