N2OFF, Solterra Brand Services Italy execute LOI for battery storage projects

N2OFF (NITO) has signed a binding LOI with Solterra subsidiary, Soltera Brand Services Italy. According to the terms of the LOI the Projects will include the purchase and development of 2 Battery Storage systems in Sicily, each with a capacity of 98MWp/392MWh. The binding term sheet was executed following a none binding TS executed by the parties in November 24 2024 and after Solterra reported positive DD results. The TS outlines the framework for the purchase and development of the projects, with a total investment of up to EUR 2.35M, to be paid in milestones. Upon completion, N2OFF will hold approximately 70% ownership in the projects, further solidifying its entry into the European energy storage market. The current 2 BESS projects have already received approval for the connection capacity from Terna, which will be secured simultaneously with the closing of the transaction. The development is currently expected to take 18-24 months for these projects to reach a Ready-to-Build stage.