Investment in a 111 MW project in Germany

Business Power Fand up to 8 million euros for until 50% rights to several photovoltaic projects to be developed by Solterra Renewable Energy Ltd.

First project received city ​​approval How well, as well ANDn pointing solution for connecting to the network By big regional energy service provider in Germany

Neve Yarak, Israel, Aug. 21, 2024 (GLOBE NEWSWIRE) — N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a cleantech company focused on sustainable energy solutions and agri-technology innovations, has entered its first EU photovoltaic market with an initial 111 MW project in Germany, under an agreement with Solterra Renewable Energy Ltd. (“Solterra”) together with a number of private investors (“Investors”) to finance up to EUR 8 million worth of photovoltaic (solar) projects, as previously announced on July 31, 2024. The first agreed project is planned in Melz, Germany, with a total capacity of 111 MWp (megawatt peak), for which the Company and the Investors will lend a total of EUR 2.08 million.

David Palach, CEO of N2OFF, commented: “We are pleased to announce our entry into the solar energy sector with our first project. Our goal is to create a reliable revenue stream by financing projects carefully selected by the Solterra team, our experts in the field. Based on recent market trends, we expect global demand for alternative energy solutions to increase annually as awareness of the need to create environmentally friendly solutions that help protect our planet grows. We believe this is a contributing factor to the attractive profit margins in this sector. Subject to the right of first refusal granted to us, we look forward to analyzing and investing in future projects.”

Yair Harel, CEO of Solterra, added: “Our goal is to fully develop the Melz project and sell it in a Ready-To-Build (RTB) condition. We see a strong demand in today’s markets for RTB projects from many types of investors. Our partnership with N2OFF will allow us to bring multiple projects to fruition, extracting significant value from these projects for the benefit of investors in both companies.”

The project was approved by the municipality of Melz, and additionally a large regional energy company in Germany drew attention to the possibility of connecting to the grid.

Solterra was founded in 2022 by Eran Litvak and Yair Harel in the field of renewable energy. Each founder is a veteran in the energy sector, with a track record of dozens of successful projects. Additionally, both founders are experienced entrepreneurs and managers with over 20 years of proven experience in identifying business opportunities, improving projects and maximizing value in both the energy and financial sectors.

Solterra currently operates in three main target markets: Italy, Poland and Germany, managing a portfolio of solar photovoltaics at various stages of development with a total capacity of around 300 megawatts. According to Research on precedentsThe global photovoltaics market is estimated to be worth USD 150 billion in 2022 and to reach USD 383.78 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.90% between 2023 and 2032.

Under the Agreement, N2OFF and the Investors will finance the project up to a total amount of USD 2.2 million (approximately EUR 2 million) to help the project achieve its goal of obtaining RTB status. The loan will be granted based on achieved milestones, with interest accrued at 7% per annum and will provide the Company and the Investors with up to 50% of the rights to net profits. In addition, the Agreement also provides for the right of refusal in favor of the Company and the Investors, in the event of additional project investments of up to EUR 6 million.

About N2OFF Inc.:

N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean technology company focused on sustainable energy solutions and agri-tech innovation. Through its operations, it provides integrated solutions for sustainable energy, greenhouse gas reduction and safety, high-quality solutions for the agri-tech market. NTWO OFF Ltd., a majority-owned Israeli subsidiary of N2OFF, aims to contribute to solving the greenhouse gas emissions problem by offering a solution to mitigate nitrous oxide (N₂O) emissions, a potent greenhouse gas that has a global warming impact 310 times greater than carbon dioxide. NTWO OFF Ltd. aims to promote agricultural practices that are environmentally friendly and economically viable. N2OFF recently entered the photovoltaic market and will provide financing to Solterra Renewable Energy Ltd. for an ongoing project with a total capacity of 111 MWp, as well as for future projects. Save Foods Ltd., an Israeli subsidiary of N2OFF, majority owned by N2OFF, focuses on post-harvest treatments of fruits and vegetables to control and prevent pathogen contamination. N2OFF also has a minority interest in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of healthy, clean label food products. For more information on Save Foods Ltd. and NTWO OFF Ltd., visit our website: www.n2off.com.

Forecast 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 address future events and are based on our current expectations, they are subject to various risks and uncertainties, including the success of our relationship with Solterra, the entry into future projects, our ability to successfully enter the solar photovoltaic industry and the profitability of such industry. Actual results, performance or achievements may differ materially from those described or implied by the statements contained 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 in the “Risk Factors” section of N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024 and any subsequent filings with the SEC. Except as 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 are provided for convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the content of third-party websites.

Contacts for investors:
Michael Efraty
[email protected]