N2OFF (NASDAQ: NITO) (FSE: 80W) (formerly known as Save Foods, Inc.), a pioneer agri-food tech company offering sustainable solutions for agriculture and plant-based food, today announced entry into an agreement with Solterra Renewable Energy Ltd. to fund up to €8 million solar photovoltaic (“PV”) projects. N2OFF entered into this agreement together with several private investors. According to the announcement, the first project that the parties agreed upon is planned in Melz, Germany. The project, which has been approved by the municipality of Melz, has a total capacity of 111 MWp (Megawatt peak) for which N2OFF and the private investors will loan an aggregate amount of €2.08 million to assist the project in reaching its goal of obtaining Ready-to-Build (“RTB”) status. Under the terms of the agreement, the loan will be given based on accomplished milestones, with an accrued interest at a rate of 7% per annum. The agreement provides N2OFF and the investors with up to 50% of the rights to the net earnings and contemplates a right of refusal in favor of the company and the investors for additional project investments of up to €6 million. “We are pleased to announce our entry in 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 the global demand for alternative energy solutions to continue growing annually, as awareness of the need to create environmentally friendly solutions to help preserve our planet increases. We believe this to be 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,” said David Palach, N2OFF’s CEO.
To view the full press release, visit https://ibn.fm/GOZyQ
About N2OFF Inc.
N2OFF (formerly known as Save Foods, Inc.) is an innovative agri-food tech company that through its three operational arms delivers integrated solutions for improved safety, quality and sustainability every step of the way from field to fork. Save Foods Ltd., N2OFF’s majority owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination, significantly reduce the use of hazardous chemicals, and prolong fresh produce’s shelf life. NTWO OFF Ltd., N2OFF’s majority owned Israeli subsidiary, contributes to tackling greenhouse gas emissions, offering a pioneering solution to mitigate N2O (nitrous oxide) emissions, a potent greenhouse gas with 265 times the global warming impact of carbon dioxide. NTWO OFF aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF also owns a minority position in Plantify Foods Inc. (TSX.V: PTFY), a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options that are nutritious, gluten free, non-allergenic, use whole natural ingredients, and are easy to prepare. For more information about N2OFF and NTWO OFF, visit www.N2OFF.com.
NOTE TO INVESTORS: The latest news and updates relating to N2OFF are available in the company’s newsroom at https://ibn.fm/NITO
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