N2Off Stock More Than Doubles As It Makes Progress In Its Germany Solar Project: Retail Divided
By Stocktwits Inc | First Published Jan 3, 2025, 10:17 PM ISTN2OFF has also signed a binding term sheet with Solterra Brand Services Italy for a new $2.42 billion solar photovoltaic project.
Shares of N2Off Inc. (NITO) skyrocketed in morning trade on Friday after the company announced progress in its Germany solar project and signed a binding term sheet with Solterra Brand Services Italy (SBSI) to develop a new solar project in Sicily, Italy.
NITO stock price more than doubled, up more than 168% at the time of writing, hitting a 52-week high.
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N2OFF’s deal with Solterra in Italy involves an investment of $2.42 billion – once the project is complete, N2OFF will hold a 70% stake in it.
According to the terms of the binding letter of intent, the project will include the purchase and development of two Battery Storage (BESS) systems in Sicily, each with a capacity of 98 megawatt peak (MWp) per 392 megawatt-hours (MWh).
“I am looking forward to our partnership with N2OFF on these projects. We believe that the BESS market is on the rise and that this joint venture may bring value to the shareholders of both entities,” said Liran Giladi, chairman of Brand Group (Partner in SBSI.)
N2OFF also announced that its joint venture with Solterra Renewable Energy in Germany has obtained approval from authorities for a 111MWp solar photovoltaic project.
Reacting to the news, N2OFF’s share price skyrocketed to $2.87 in pre-market trading on Friday, surging by more than 168% at the time of writing.
However, retail investors on Stocktwits were divided about NITO stock’s prospects.
One user welcomed the stock to 2025, celebrating the dramatic surge in its price.
Another user cautioned investors jumping in to catch the rally.
Over the past six months, the NITO stock has gained more than 433%, while its one-year returns have been less stellar, with gains of just 39%.
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