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N2OFF Inc. Completes Second Installment of $2.7 Million Investment in Battery Energy Storage Systems

Strategic Insights

— 2 min read

N2OFF, Inc. has announced the completion of the second installment of a $2.7 million investment in two Battery Energy Storage Systems (BESS) in Sicily, Italy. The BESS projects, each with a capacity of 98MWp/392MWh, are designed to enhance grid stability and provide energy storage capacity for frequency regulation, energy arbitrage, and capacity market participation. The projects have secured preliminary grid connection approvals from Terna SpA, Italy's transmission system operator, and the company believes it is on track to attain Ready-to-Build status within 18-24 months. This investment brings the total investment in N2OFF's 70%-owned Italian subsidiary to over $1.2 million.

Key Takeaways:

  • N2OFF, Inc. has completed the second installment of a $2.7 million investment in two Battery Energy Storage Systems (BESS) in Sicily, Italy, each with a capacity of 98MWp/392MWh.
  • The projects have secured preliminary grid connection approvals from Terna SpA, Italy's transmission system operator, and the company believes it is on track to attain Ready-to-Build status within 18-24 months.
  • The investment brings the total investment in N2OFF's 70%-owned Italian subsidiary to over $1.2 million.
  • The two BESS projects have a combined capacity of approximately 196 MWp and are valued at up to $13.5 million, based on an estimate of $70,000 per MW.
  • The projects are designed to enhance grid stability and provide energy storage capacity for frequency regulation, energy arbitrage, and capacity market participation.
  • Italy aims for 52 GW of solar capacity by 2030 and 74.6% renewable electricity by 2050. Solar electricity generation is projected to reach 36.47 billion kWh in 2025, with an annual growth rate of 6.86% from 2025-2029.

Statistics:

  • $2.7 million: second installment of investment in two BESS projects in Sicily, Italy
  • 98MWp/392MWh: capacity of each BESS project
  • $1.2 million: total investment in N2OFF's 70%-owned Italian subsidiary
  • $70,000 per MW: estimated valuation per MW of the two BESS projects
  • 196 MWp: combined capacity of the two BESS projects
  • $13.5 million: estimated valuation of the two BESS projects
  • 18-24 months: timeframe to attain Ready-to-Build status
  • 2025: projected year for solar electricity generation to reach 36.47 billion kWh
  • 2029: end year of the projected annual growth rate of 6.86% in solar electricity generation
  • 2030: target year for Italy to achieve 52 GW of solar capacity
  • 2050: target year for Italy to achieve 74.6% renewable electricity

Sources:

  • N2OFF, Inc. news release
  • Statista data on solar electricity generation in Italy
  • Terna SpA, Italy's transmission system operator
  • N2OFF, Inc. CEO David Palach's statement

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