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Shares of green technology company N2OFF, Inc. (NASDAQ:NITO) traded higher in premarket on Friday after the company said it is extending its international footprint through a new venture in Poland's clean energy sector.
The firm revealed that its unit, Solterra, is contributing financially to a Battery Energy Storage System (BESS) project in Poland.
The first phase of the venture will involve a 35-megawatt system capable of storing 140 megawatt-hours, with intentions to boost its scale considerably in the future.
N2OFF is among multiple investors supporting the initial phase of the project through a formalized financing agreement.
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“This entry into Poland aligns with our strategy to expand into high-potential renewable energy project in different markets,” said CEO David Palach.
“Grid-scale energy storage is essential for enabling a stable, low-carbon energy future, and we are proud to support the early-stage development of such infrastructure.”
This arrangement will provide capital to cover expenses tied to an already finalized grid connection contract. Looking ahead, the project has the potential to grow beyond 100 megawatts of power and 400 megawatt-hours of storage.
N2OFF is one of four entities contributing capital, with repayment anticipated following the project’s sale, expected within a 30-month timeframe.
Along with recovering their original investment, each backer will receive a share of the net earnings proportional to their involvement. N2OFF is slated to receive 15% of the total profit generated from the deal.
Solterra’s involvement in this project marks its fourth venture into large-scale battery storage, following ongoing developments in Germany and Italy.
Price Action: NITO shares traded higher by 24.68% at $0.47 in premarket at last check Friday.
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Posted In: NITO
