N2OFF, Inc. (NASDAQ:NITO) shares are trading lower premarket on Wednesday. The company finalized a deal with Solterra Renewable Energy Ltd.‘s subsidiary to purchase and develop two energy storage projects, with a total investment of up to €2.3 million ($2.5 million).
The agreement includes N2OFF’s acquisition of two Battery Storage Systems (BESS) in Sicily, Italy, each with a capacity of 98MWp/392MWh.
With this deal, N2OFF will now own 70% of the projects, strengthening its presence in the European energy storage market.
These projects are part of a broader joint venture between N2OFF and Solterra Renewable Energy Ltd., focusing on solar and energy storage solutions.
Notably, Italy has recently launched the MACSE scheme, which aims to support the country's renewable energy transition. The scheme plans to hold its first energy storage capacity auctions in the first half of 2025, offering 15-year contracts to encourage the development of storage projects.
In February, the company entered into a partnership with Solterra Energy Ltd. to work on renewable energy initiatives in Albania.
Also earlier, the company signed a binding Letter of Intent with Solterra Brand Services Italy, a subsidiary of Solterra Ltd., for renewable energy projects in Italy.
Price Action: NITO shares are down 12.9% at $0.2882 premarket at the last check Wednesday.
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