Clean technology company N2OFF (NITO) saw its stock rocket higher on Friday after signing a binding letter of intent (LOI) with Solterra subsidiary Soltera Brand Services Italy. This LOI has the two companies agreeing to develop two battery storage systems in Sicily. Each of these will provide 98MWp/392MWh of capacity.
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This new project will include total investments of €2.35 million, which will come in the form of milestone payments. Once the project is complete, N2OFF will own 70% of the new facilities. The companies estimate it will be 18 to 24 months before the project enters the ready-to-build stage of production. Additionally, the deal already has connection capacity approval from Italian transmission company Terna SpA.
Today’s news furthers N2OFF’s push into securing space in the European energy storage market. The company hopes to be a major player in the sector with its storage solutions for energy produced by solar and other power sources.
How This Affects NITO Stock Today
News of the LOI has shares of NITIO stock soaring 160.75% as of this writing. That’s a massive leap considering the stock’s 66.84% increase over the prior 52 weeks. With it comes heavy trading as over 191 million units change hands. For comparison, its three-month daily average trading volume is a fraction of that at 3.11 million units.
While that movement is amazing, investors will want to be careful with NITO stock. The company is firmly in the penny stock range, making it a volatile and risky investment.
Is NITO Stock a Buy, Sell, or Hold?
Unfortunately, there isn’t enough analyst data to answer this question. Instead, investors will be better off comparing N2OFF to its green energy stock rivals. A few options worth considering are ready to go below. Enphase Energy (ENPH) stands out as one of the top stocks in the sector with a Moderate Buy rating and a $92.19 price target, representing a potential 27.85% upside.
