NEVE YARAK, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE:80W), a clean technology firm specializing in energy and agricultural tech solutions, announced today that its subsidiary, Save Foods Ltd., has successfully upheld its European patent against ECOLAB Inc.’s objections. With a market capitalization of $13.7 million, N2OFF’s stock has experienced notable fluctuations, boasting a remarkable 383% return year-to-date, even after a recent weekly drop of 35%. The contested patent, EP2615932, pertains to a method of safeguarding edible produce through a specific performic acid formulation, which is integral to Save Foods’ innovative technology.
The ruling from the European Patent Office in favor of Save Foods is likely to have significant impacts on the company’s operational scope and market standing. This technology plays a key role in the commercial offerings of Save Foods, reportedly reducing pesticide application on fresh produce by at least 50% and prolonging shelf life, which aligns with the European Union’s objectives to minimize pesticide usage in agriculture.
David Palach, CEO of N2OFF and board member of Save Foods, expressed optimism that this legal success will enhance the company’s negotiations with international partners and highlight the uniqueness of their technology. He also noted that their solutions are in line with EU agricultural policies.
Save Foods‘ products focus on improving safety and freshness throughout the supply chain, particularly in post-harvest treatments for various fruits and vegetables, including citrus, avocados, pears, apples, and mangos. By mitigating pathogen contamination and decreasing chemical reliance, the company aims to provide safer, more natural products while also tackling food waste issues.
N2OFF, previously known as Save Foods, Inc., has a broad scope of interests, including a controlling stake in NTWO OFF Ltd., which aims to lessen nitrous oxide emissions in agriculture, and a minority interest in Plantify Foods, Inc., a Canadian firm that markets clean-label food items.
ECOLAB Inc. has the opportunity to appeal this decision until April 9, 2025. The European market for crop protection pesticides was valued at $27.73 billion in 2021 and is expected to increase to $31.6 billion by 2026, providing a significant market potential for Save Foods’ technologies.
This announcement originates from a press release, and the forward-looking statements contained within are associated with various risks, uncertainties, and possible changes in market conditions. According to InvestingPro analysis, the company holds a robust financial status with a current ratio of 6.52 and no debt, though it has not shown profitability in the past twelve months. Investors interested in more detailed insights into N2OFF’s financial stability and growth outlook can access further ProTips and extensive metrics via an InvestingPro subscription.
In other developments, N2OFF, Inc. has made substantial strides in its operations. The clean technology company recently raised around $1.5 million in gross proceeds from a private placement offering and settled previous debts by acquiring a major stake in Plantify Foods, Inc. Furthermore, it has made progress in the renewable energy sector by receiving crucial approval for its solar photovoltaic initiative from the Melz Municipal Committee in Germany.
N2OFF has expanded into the European energy storage market through a strategic alliance with Solterra Ltd’s Italian subsidiary, involving the acquisition and development of large-scale Battery Storage Systems in Sicily. Additionally, the company has been granted another 180-day extension to fulfill Nasdaq’s minimum bid price requirement, ensuring adherence to all listing standards on the Nasdaq Capital Market.
InvestingPro analysts forecast a revenue growth of approximately 31% for N2OFF this year. These updates reflect the most recent information and are subject to change.
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