Subsidiaries Treatment should help, before & Post-harvest Food waste from pull-out shelfFt from FruitS and vegetables, and to potentially provide an alternative source of income through the issuance of emission certificates
Neve Yarak, Israel, Aug. 20, 2024 (GLOBE NEWSWIRE) — N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a cleantech company engaged in sustainable energy solutions and agricultural technology innovations, announced its plan to leverage its subsidiary Save Foods Ltd.’s (“Save Foods”) patented treatment to extend the shelf life of certain fruits and vegetables to monetize quantifying emissions reductions from keeping food in the human supply chain. If successful, the Company could receive a corresponding food waste credit.
Save Foods commissioned a team of sustainability strategy experts from the Nibbana Group, led by Galit Kenigsberg, to investigate possible ways to generate alternative revenue streams from Save Food’s patented treatment. They concluded that Save Foods could not meet the terms of the VerraVM00046 methodology and may be eligible for certain benefits, such as carbon credits for food waste.
This methodology applies to project activities that reduce food loss and waste (FLW) by increasing the amount of food available for human consumption and keeping food in the human supply chain. Eligible project activities can prevent FLW at different stages of the food chain, including on farms, in food processing plants, in retail, in food supply/hospitality and in households. The methodology enables organisations to become eligible for carbon credits by reducing food waste.
David Palach, CEO of N2OFF, commented: “This method not only provides us with the opportunity to continue to help farmers, packers and retailers reduce costs through extended shelf life, but also potentially increase revenue by qualifying for credits through the use of Save Foods products. We are evaluating the Verra VM00046 method, which we believe may align with our strategy. We also plan to implement an inset strategy to monetize our proprietary N2OFF reduction technology.2O greenhouse gas emissions.”
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a cleantech company engaged in sustainable energy solutions and agrotechnology innovations. Through its operational activities, it delivers integrated solutions for sustainable energy, greenhouse gas emission reduction and safety, and quality solutions to the agrotechnology market. NTWO OFF Ltd., the Israeli subsidiary majority owned by N2OFF, aims to contribute to combating greenhouse gas emissions and offers a solution to reduce nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd. aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will finance Solterra Renewable Energy Ltd. for the current project with a total capacity of 111 MWp as well as future projects. Save Foods Ltd., N2OFF’s majority owned Israeli subsidiary, focuses on post-harvest treatments on fruits and vegetables to control and prevent pathogen contamination. N2OFF also owns a minority interest in Plantify Foods, Inc., a TSXV-listed Canadian company that offers a wide range of healthy clean label foods. For more information on Save Foods Ltd. and NTWO OFF Ltd., please visit our website: www.n2off.com.
Forward-looking statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements relate to future events and are based on our current expectations, they are subject to various risks and uncertainties, including our ability to generate revenue from the VM0046 method. Actual results, performance or achievements may differ materially from those described or implied in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024 and Quarterly Report on Form 10-Q filed with the SEC on August 14, 2024, and any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. References and links to websites have been provided for convenience, and the information contained on those websites is not incorporated by reference into this press release. We are not responsible for the content of any third party websites.
Contact for Investor Relations:
Michal Efraty
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