NEVE YARAK, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE:80W), a clean technology company focused on energy and agritech 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 according to the data, the company’s shares have shown significant volatility, returning 383% year-to-date despite a recent weekly decline of 35%. The patent at issue, EP2615932, relates to a method for protecting edible products using a special composition of performatic acid, key 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 position. This technology is part of a commercial offering by Save Foods that reportedly reduces pesticide use on fresh produce by at least 50% and extends shelf life, aligning with European Union regulatory targets to reduce pesticide use in agriculture.
David Palach, CEO of N2OFF and board member of Save Foods, expressed his belief that this legal victory will strengthen the company’s negotiations with global partners and demonstrate the uniqueness of their technology. He also emphasized the compatibility of their solutions with EU agricultural policies.
Save Foods’ solutions are designed to increase safety and freshness from production to consumption, with initial application 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 deliver safer, 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 stake in Plantify Foods, Inc., a Canadian company that offers food products with a clean label.
ECOLAB Inc. reserves the right to appeal the decision until April 9, 2025. The European crop protection pesticides market was valued at $27.73 billion in 2021, and is projected to grow to $31.6 billion by 2026, indicating a significant market opportunity for Save Foods technology. .
This announcement is based on a press release, and forward-looking statements therein are subject to various risks, uncertainties and potential changes in market conditions. InvestingPro analysis shows that the company maintains a strong financial position with a current ratio of 6.52 and zero debt, although it remains unprofitable over the past twelve months. Investors seeking deeper insight into N2OFF’s financial health and growth prospects can access additional ProTips and comprehensive metrics by subscribing to InvestingPro.
In other recent news, N2OFF, Inc. reported significant progress in his business. The clean technology company recently secured approximately $1.5 million in gross proceeds from a private placement offering and settled outstanding debt by acquiring a majority stake in Plantify Foods, Inc. In addition, the company has made strides in the renewable energy sector, receiving key approval from the Melz municipal board for its solar photovoltaic project in Germany.
N2OFF has also expanded its reach into the European energy storage market through a strategic partnership with a subsidiary of Solterra Ltd in Italy, including the purchase and development of two large battery storage systems in Sicily. The company was also granted an additional 180-day period to meet Nasdaq’s minimum offering price requirement, demonstrating its compliance with the market value of publicly held shares and any other initial listing standards on the Nasdaq Capital Market.
InvestingPro analysts forecast revenue growth of approximately 31% for N2OFF in the current year. These are recent developments and may be subject to change.
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