N2OFF Boosts Sicily Battery Projects with $1.2M Investment

• N2OFF boosts Sicily's solar future with a $1.2M investment in battery storage, enhancing Italy's renewable energy landscape and aligning with European expansion goals.

N2OFF Inc has injected an additional USD 1.2 million into two battery energy storage system projects in Sicily, bringing its total investment to USD 2.7 million. The company, which holds a 70% stake in the projects through a partnership with Solterra Renewable Energy Ltd, is funding early-stage development up to the ready-to-build phase. With land rights and permits secured, N2OFF is moving towards detailed design, environmental clearances, and grid-connection agreements, aiming for market readiness within two years before selling the assets.

The projects will support Italy's solar expansion by providing frequency regulation, energy arbitrage, and capacity-market services. CEO David Palach highlighted the potential upside due to Italy's renewable energy policies. This investment aligns with N2OFF's European strategy, which includes up to EUR 4.4 million for storage and solar projects over 300 MW in Italy, Germany, and the Western Balkans.

How will N2OFF's investment in Sicily impact Italy's solar energy expansion?

• Enhances grid stability: The battery energy storage systems will provide frequency regulation, helping to stabilize the grid as more solar energy is integrated.
  
• Supports energy transition: By offering energy arbitrage, the projects will enable more efficient use of solar power, storing excess energy for use during peak demand times.
• Increases renewable capacity: The investment will contribute to Italy's goal of increasing its renewable energy capacity, aligning with national and EU targets.
• Encourages further investment: Successful implementation could attract additional investments in renewable energy infrastructure in Italy.
  
• Boosts local economy: The projects will create jobs and stimulate economic activity in Sicily during the development and operational phases.
• Aligns with policy goals: The investment supports Italy's renewable energy policies, potentially benefiting from government incentives and support.
• Strengthens N2OFF's market position: By expanding its presence in Italy, N2OFF enhances its strategic position in the European renewable energy market.
• Facilitates future projects: The experience gained from these projects could streamline the development of future solar and storage initiatives in the region.