By Chris Wack
N2OFF shares tripled, to $3.23, after the company signed a binding letter of intent with Soltera Brand Services Italy, a company that specializes in the origination and development of renewable energy projects in Italy.
The stock hit a 52-week high of $3.49 earlier in the session, and is now up 66% in the past 12 months.
The technology company said the projects included in the LOI will include the purchase and development of two battery storage systems in Sicily, each with a capacity of 392 megawatts per hour.
The Israel company said there will be a total investment of up to 2.35 million euros ($2.45 million), to be paid in milestones. Upon completion, N2OFF will hold 70% ownership in the projects.
The development is currently expected to take 18 to 24 months for these projects to reach a ready-to-build stage.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 03, 2025 10:27 ET (15:27 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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