NEVE YARAK, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE: 80W), a clean tech company focused on energy and agri-tech solutions with a market capitalization of $13.7 million, announced today that its subsidiary, Gcina Foods Ltd. , successfully defended its European patent against opposition from ECOLAB Inc. According to InvestingPro data, the company's stock has shown remarkable volatility, with a 383% year-to-date return despite a recent 35% weekly decline. The patent, EP2615932, relates to a method of protecting an edible product using a specific type of acid, which is important in the art of preserving food.
The decision of the European Patent Office in favor of Save Foods could have significant implications for the company's performance and market position. This technology is part of Save Foods' marketing offering which is said to reduce the use of pesticides in fresh produce by at least 50% and extend shelf life, in line with the European Union's regulatory objectives to reduce the use of pesticides in agriculture.
David Palach, CEO of N2OFF and board member of Save Foods, expressed confidence that this legal victory will strengthen the company's engagement with global partners and demonstrate the diversity of their expertise. He also emphasized the compatibility of their solutions with EU agricultural policies.
Food Preservation Solutions are designed to enhance safety and freshness from production to consumption, with primary applications in post-harvest treatment 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 safe, natural products while also addressing food waste concerns.
N2OFF, formerly known as Save Foods, Inc., has various interests, including a majority subsidiary, NTWO OFF Ltd., which focuses on reducing nitrous oxide emissions in agriculture, and a minority stake in Plantify Foods, Inc. ., of Canada, of Canada. a company that provides clean food products.
ECOLAB Inc. reserves the right to appeal the decision until April 9, 2025. The European crop protection market was valued at $27.73 billion in 2021, and is forecast to rise to $31.6 billion by 2026, indicating a huge 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 possible changes in market conditions. InvestingPro The analysis shows that the company maintains a strong financial position with a current ratio of 6.52 and zero debt, although it remains unprofitable for the past twelve months. Investors seeking in-depth insight into N2OFF's financial health and growth prospects can access additional ProTips and comprehensive metrics with an InvestingPro subscription.
In other recent news, N2OFF, Inc. reported significant progress in its operations. The clean technology firm recently received about $1.5 million in financing from a private placement and paid off the remaining debt by acquiring a large stake in Plantify Foods, Inc. In addition, the company has made strides in the renewable energy sector, receiving key approvals. from the Melz Municipal Committee for its solar photovoltaic project in Germany.
N2OFF has also expanded its reach into the European energy storage market through a strategic partnership with Solterra Ltd's Italian subsidiary, which includes the purchase and development of two Battery Storage Systems in Sicily. The company was also granted an additional 180 days to meet Nasdaq's minimum bid price requirement, indicating compliance with the market price of publicly held shares and all other standards for an initial listing on the Nasdaq Capital Market.
InvestingPro analysts estimate revenue growth of around 31% for N2OFF this year. This is a recent development and subject to change.
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