Core Insights - N2OFF is committed to investing up to €4.4 million in renewable energy projects in Germany and Italy, targeting a total capacity of over 300 MW [1] - The company has entered into a definitive agreement with Solterra Renewable Energy Ltd. for the purchase and development of two Battery Energy Storage Systems (BESS) in Sicily, Italy, each with a capacity of 98 MWp/392 MWh [1][2] - N2OFF will hold a 70% ownership stake in these projects, marking a significant entry into the European energy storage market [2] Investment Details - The total investment for the BESS projects is up to €2.3 million, to be disbursed in milestones [2] - The projects have received approval for connection capacity from Terna SpA, the Italian transmission company, and are expected to reach a Ready-to-Build stage within 18-24 months [5] Market Context - The collaboration with Solterra Renewable Energy Ltd. is part of a broader joint venture focusing on solar and energy storage initiatives, reflecting a shared vision to advance renewable energy adoption [3] - The energy storage market is increasingly crucial for grid flexibility, with a report indicating that as storage capacity surpasses 0.5% of grid capacity, demand for longer-term storage projects is expected to rise [4] - Italy's MACSE scheme aims to incentivize energy storage project development through 15-year contracts, with the first capacity auctions planned for the first half of 2025 [4]
N2OFF and Solterra Announce the Closing of a Definitive Agreement to Develop 196 MWp Battery Storage Projects in Italy