Clean Tech Company N2OFF Signs Deal For 380 MW Energy Storage Projects In Italy

N2OFF, Inc. NITO, a clean tech firm focused on sustainable energy and agri-tech solutions, has entered into a non-binding letter of intent (LOI) with SB Impact 4 Srl and Solterra Brand Services Italy Srl.

The agreement is for the development of up to four additional utility-scale Battery Energy Storage System projects in Puglia, Italy. The new projects aim for a combined capacity of 380 MW.

N2OFF is expanding its footprint in the energy storage sector with the development of large-scale battery storage projects in the Puglia region.

The LOI between N2OFF, SB Impact 4 and Solterra outlines the possibility of acquiring and advancing these projects, some of which already have grid connections.

Also Read: What’s Going On With NIO Stock Today?

“This announcement marks yet another step forward in expanding our footprint in the energy storage sector,” said David Palah, CEO of N2OFF. “With these new projects, we aim to enhance grid stability and support the transition to a more resilient and sustainable energy infrastructure.”

These projects build on N2OFF's ongoing collaboration with Solterra Renewable Energy Ltd. in solar and energy storage ventures.

As part of the LOI, development milestones will include phased payments based on key stages like land reservation and permit acquisition. N2OFF's investment in Germany and Italy projects is projected to exceed €4.4 million, contributing to a combined capacity of more than 300 MW.

Price Action: NITO shares traded lower by 2.59% at $0.32 at last check Tuesday.

Read Next: Volkswagen’s Audi To Slash Up To 7,500 Jobs By 2029 To Boost Competitiveness

Photo: Shutterstock