Why Is Clean Tech Company N2OFF Stock Soaring Premarket Thursday?

N2OFF, Inc. NITO shares are trading higher premarket today. The clean-tech company has announced progress in its collaborative solar photovoltaic project in Melz, Germany, developed alongside Solterra Renewable Energy Ltd.

On December 31, 2024, the Melz municipal committee approved the submission of the statutory plan for the 111 MWp solar PV facility after a thorough review of environmental and planning considerations.

The approval marks a critical step toward achieving ready-to-build status, which is expected by the end of 2025.

The Melz project is N2OFF’s first venture into the renewable energy sector aimed at fostering the development of high-potential renewable energy projects across Europe.

The Melz facility is a development within Solterra’s broader portfolio, with a total capacity of approximately 300 MW across Germany, Italy, and Poland.

“This achievement reflects the strength of our collaboration with Solterra and our shared vision of delivering impactful solutions that promote clean energy and environmental sustainability,” said David Palach, CEO of N2OFF.

As part of its collaboration with Solterra, N2OFF has provided financial support, including an installment of 470,000 euros as part of a 2 million euro loan commitment.

Price Action: NITO shares are trading higher by 84% at $0.4562 in premarket at the last check Thursday.

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