N2OFF, Inc. NITO shares escalated premarket on Friday after the company signed a binding Letter of Intent with Solterra Brand Services Italy, a subsidiary of Solterra Ltd., for renewable energy projects in Italy.
The agreement includes the purchase and development of two battery energy storage systems in Sicily, each with a capacity of 98MWp/392MWh.
The projects involve a total investment of up to 2.35 million euros ($2.42 billion), structured in milestone payments.
Upon project completion, N2OFF will hold a 70% ownership stake, marking a significant step in its expansion into the European energy storage market.
The partnership aligns with both companies’ commitment to promoting renewable energy adoption and meeting the growing demand for energy storage to improve grid resilience.
Liran Giladi, chairman of Brand Group (Partner in SBSI) said, “We believe that the BESS market is on the rise and that this joint venture may bring value to the shareholders of both entities. Solterra Brand Services Italy has extensive experience in project development in Italy, and with the support of N2OFF we believe this will be a fruitful collaboration which may even expand in the future.”
Yesterday, the clean-tech company announced progress in its collaborative solar photovoltaic project in Melz, Germany, developed alongside Solterra Renewable Energy Ltd.
Price Action: NITO shares are up 100% at $2.14 premarket at the last check Friday.
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The clean tech company N2OFF (NASDAQ:NITO) saw a significant jump in its stock price in premarket trading on Friday. Investors are buzzing about the potential reasons behind this sudden surge.
One possible reason for the stock’s rise could be a positive development in the company’s technology or product offerings. N2OFF is known for its innovative clean tech solutions, and any new advancements in this area could be driving investor excitement.
Another factor that may be contributing to N2OFF’s stock jump is a favorable earnings report or guidance from the company. Strong financial performance can often lead to increased investor confidence and a higher stock price.
Additionally, it’s possible that N2OFF is benefiting from broader market trends or positive sentiment towards clean tech companies. With a growing focus on sustainability and environmental responsibility, investors may be increasingly interested in companies like N2OFF that are leading the way in clean technology.
Overall, the reasons behind N2OFF’s stock jump are speculative at this point, but investors will be watching closely to see how the company performs in the coming days and weeks. Stay tuned for more updates on N2OFF and its exciting developments in the clean tech sector.
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