N2OFF, Inc. (NASDAQ: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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