N2OFF Acquires Majority Stake in Italian BESS Projects

• N2OFF Inc expands into renewable energy with major stakes in Italy's BESS projects, enhancing sustainable solutions and boosting Italy's energy infrastructure.

Israel-based agri-food tech firm N2OFF Inc has acquired majority stakes in two battery energy storage system (BESS) projects in Italy, totaling approximately 196 MW. The projects were developed by Solterra, N2OFF's partner, and this acquisition marks a significant expansion of N2OFF's energy portfolio. The move aligns with the company's strategy to diversify its investments and enhance its presence in the renewable energy sector.

The acquisition underscores N2OFF's commitment to sustainable energy solutions, leveraging its expertise in agri-food technology to support the transition to cleaner energy sources. This strategic investment in Italy's BESS projects is expected to bolster the country's renewable energy infrastructure and contribute to energy storage advancements.

How will N2OFF's acquisition of Italian BESS projects impact renewable energy in Italy?

• Strengthening Italy's Renewable Energy Infrastructure: The acquisition of these BESS projects by N2OFF is likely to enhance Italy's renewable energy infrastructure by providing essential storage solutions that can balance supply and demand, thus improving grid stability and reliability.
• Facilitating Energy Transition: By investing in battery energy storage systems, N2OFF is supporting Italy's transition to renewable energy sources. These systems enable the integration of more renewable energy into the grid by storing excess energy generated from sources like solar and wind for use during periods of high demand or low generation.
• Encouraging Investment in Renewable Technologies: N2OFF's acquisition may encourage further investment in renewable technologies in Italy, signaling to other investors the viability and potential returns of such projects. This could lead to increased funding and development in the sector.
• Reducing Carbon Emissions: The implementation of BESS projects can contribute to reducing carbon emissions by optimizing the use of renewable energy and decreasing reliance on fossil fuels. This aligns with Italy's goals to reduce greenhouse gas emissions and combat climate change.
• Job Creation and Economic Growth: The development and operation of these BESS projects are likely to create jobs in the renewable energy sector, from construction and engineering to maintenance and management, thereby contributing to local economic growth.
• Enhancing Energy Security: By increasing the capacity for energy storage, Italy can enhance its energy security, reducing dependence on energy imports and increasing resilience against energy supply disruptions.
• Promoting Technological Innovation: N2OFF's involvement in these projects may drive technological innovation in energy storage solutions, potentially leading to more efficient and cost-effective systems that can be implemented both in Italy and globally.
• Aligning with EU Energy Goals: This acquisition supports the European Union's broader energy goals, which include increasing the share of renewable energy in the energy mix and improving energy efficiency across member states.