N2OFF Partners with Solterra to Develop Major Battery Storage Projects in Sicily
Today, we’re diving into an exciting development in the renewable energy sector as N2OFF, Inc. (NASDAQ: NITO), a clean tech leader, has made headlines with its ambitious new initiative. The company has signed a binding Letter of Intent (LOI) with Solterra Brand Services Italy (SBSI), marking a pivotal step towards the development of two large-scale Battery Energy Storage Systems (BESS) in Sicily. Each system boasts an impressive capacity of 98MWp/392MWh, setting the stage for a transformative impact on the European energy storage market.
This partnership is a testament to N2OFF’s commitment to sustainable energy solutions. By securing approximately 70% ownership in these projects, the company reinforces its foothold in Europe’s growing renewable energy sector. These projects follow a comprehensive due diligence process and build on a previously executed non-binding agreement. The total investment of €2.35 million is strategically structured, with payments tied to milestones, ensuring robust financial oversight and project accountability.
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Italy’s renewable energy ambitions align perfectly with this initiative. The country’s introduction of the MACSE scheme—set to commence energy storage capacity auctions in early 2025—offers 15-year contracts to incentivize sustainable development. These projects, already approved for grid connection by Terna SpA, will significantly enhance grid reliability and flexibility as Italy transitions to renewable energy.
With a development timeline of 18-24 months to reach a Ready-to-Build stage, these projects are positioned to capitalize on Italy’s evolving energy landscape. The collaboration reflects a shared vision between N2OFF and Solterra: advancing renewable adoption and addressing the increasing demand for efficient, scalable energy storage solutions.
This partnership isn’t just about meeting energy needs; it’s about reshaping the future of energy storage in Europe. With these projects, N2OFF solidifies its leadership in clean tech innovation, contributing to a more sustainable, efficient, and resilient energy future. This is a bold step, and we’ll be closely watching as the journey unfolds.
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