NEVE YARAK, Israel - N2OFF, Inc. (NASDAQ: NITO), a clean tech company, has announced the approval of a 111 MWp solar PV project in Melz, Germany, to connect to the local power grid. This development, part of a joint venture with Solterra Renewable Energy Ltd., marks a critical milestone for the project's progress within its planned timeline.
The approval by the municipality of Melz indicates the project's compliance with the necessary safety standards for grid connection. Eran Litvak, co-CEO of Solterra, underscored the importance of this step, stating that securing a power grid connection is essential for the success of such initiatives. David Palach, CEO of N2OFF, expressed satisfaction with the joint venture's progress, highlighting the reduction in regulatory and operational risks.
Solterra, active in Italy, Poland, and Germany, manages a portfolio of solar PV developments totaling around 300 megawatts. The company was founded in 2022 by energy sector veterans Eran Litvak and Yair Harel, who bring over two decades of experience in project enhancement and value maximization.
N2OFF, formerly known as Save Foods, Inc., focuses on sustainable energy solutions and innovations for agri-tech. Its subsidiary, NTWO OFF Ltd., is dedicated to reducing greenhouse gas emissions, particularly nitrous oxide, and promoting environmentally sustainable agricultural practices. N2OFF has also ventured into the solar PV market, providing funding for Solterra's current and future projects.
The press release also includes forward-looking statements regarding the anticipated success of the collaboration with Solterra, the project's connection to the power grid, and N2OFF's entry into the solar PV sector. These statements are subject to various risks and uncertainties, including market conditions and the company's ability to realize its goals.
The information in this article is based on a press release statement from N2OFF, Inc.
In other recent news, N2OFF Inc. has expanded its reach into the clean energy sector by investing in a significant solar photovoltaic (PV) project in Melz, Germany. The company, in collaboration with Solterra Renewable Energy Ltd and private investors, has committed a loan of €2.08 million to the project. The venture, which has already received municipal approval, marks N2OFF's first foray into the solar sector.
The company's partnership with Solterra is set to bolster the latter's project development capabilities in the solar PV market, which is projected to grow from $150 billion in 2022 to over $383.78 billion by 2032. As part of the agreement, N2OFF and its investors will receive up to 50% of the net earnings rights from the Melz project.
In addition to these developments, shareholders of N2OFF Inc. have approved a reverse stock split, with the board now having the discretion to determine the exact ratio and timing of its implementation. However, a proposal to increase the number of authorized shares of capital stock from 500 million to over 10 billion did not receive the required majority approval. These recent developments are part of N2OFF's ongoing corporate restructuring plans.
InvestingPro Insights
As N2OFF, Inc. (NASDAQ: NITO) embarks on its latest solar PV project, the company's financial standing and market performance provide additional context for investors. According to InvestingPro data, NITO holds a market capitalization of $1.13 million, indicating a relatively small player in the sector. The company's revenue for the last twelve months, as of the second quarter of 2024, stands at $0.17 million, which has seen a decline of 61.61% compared to the previous period.
InvestingPro Tips suggest that NITO is trading at a low Price / Book multiple of 0.19, which could be a point of interest for value investors looking for potentially undervalued stocks. Moreover, the company is holding more cash than debt on its balance sheet, which is a positive sign for financial stability and operational flexibility. These factors may be particularly relevant given the capital-intensive nature of the solar PV industry.
While analysts anticipate sales growth in the current year, potential investors should be aware that the stock has experienced significant volatility. It has taken a big hit over the last week, month, and six months, with the price total return reaching -12.0%, -50.57%, and -82.34% respectively. This performance reflects a stock trading near its 52-week low, with its price at just 3.6% of the 52-week high.
For those interested in a deeper analysis, InvestingPro offers additional tips on NITO, which can be found at https://www.investing.com/pro/NITO. These insights may help investors weigh the company's prospects against the backdrop of its financial health and market performance.
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