NEVE YARAK, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE: 80W), a clean technology company focused on energy and agritechnology solutions with a market capitalization of $13.7 million, announced today that its subsidiary, Save Foods Ltd. , successfully defended its European patent against opposition from ECOLAB Inc. According to InvestingPro data, the company’s stock has shown significant volatility, with a year-to-date return of 383% despite a recent Weekly drop of 35%. The disputed patent, EP2615932, relates to a method of protecting edible products using a particular composition of performic acid, crucial to Save Foods’ technology.
The European Patent Office’s decision in favor of Save Foods could have significant implications for the company’s operations and market positioning. This technology is part of Save Foods’ commercial offerings that are expected to reduce pesticide use on fresh produce by at least 50% and extend shelf life, in line with European Union regulatory targets to reduce the use of pesticides in agriculture.
David Palach, CEO of N2OFF and Save Foods board member, expressed confidence that this legal victory would strengthen the company’s negotiations with global partners and highlight the distinctiveness of their technology. He also highlighted the alignment of their solutions with EU agricultural policies.
Save Foods’ solutions are designed to improve safety and freshness from production to consumption, with initial applications in post-harvest processing of fruits and vegetables such as citrus, avocados, pears, apples and mangoes. By controlling pathogen contamination and reducing the use of chemicals, the company aims to provide safer and natural products while addressing food waste issues.
N2OFF, formerly known as Save Foods, Inc., has diversified interests, including a majority-owned subsidiary, NTWO OFF Ltd., which focuses on reducing nitrogen oxide emissions in agriculture, and a minority interest in Plantify Foods, Inc., a Canadian company. company offering clean label food products.
ECOLAB Inc. reserves the right to appeal the decision until April 9, 2025. The European plant protection pesticide market was valued at $27.73 billion in 2021, with projections reaching $31.6 billion in by 2026, indicating a substantial market opportunity for Save Foods’ technology. .
This announcement is based on a press release and the forward-looking statements contained therein are subject to various risks, uncertainties and potential changes in market conditions. InvestingPro analysis indicates that the company maintains a strong financial position with a quick ratio of 6.52 and zero debt, although it remains unprofitable over the last twelve months. Investors looking for deeper insights into N2OFF’s financial health and growth prospects can access additional ProTips and comprehensive metrics through an InvestingPro subscription.
Separately, N2OFF, Inc. reported notable progress in its operations. The clean technology company recently secured approximately $1.5 million in gross proceeds from a private placement and settled outstanding debt by acquiring a majority stake in Plantify Foods, Inc. Additionally, the company made progress in the renewable energy sector, receiving key approval. of the municipal committee of Melz for its photovoltaic solar project in Germany.
N2OFF has also expanded its presence in the European energy storage market through a strategic partnership with Solterra Ltd’s subsidiary in Italy, involving the purchase and development of two large-scale battery storage systems in Sicily. The company was also granted an additional 180 days to meet Nasdaq’s minimum bid price requirement, demonstrating compliance with the public stock market value and all other initial listing standards in the securities market. Nasdaq capital.
InvestingPro analysts forecast revenue growth of around 31% for N2OFF for the current year. These are recent developments and subject to change.
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