Subsidiary’s treatment aims to help reduce pre & post-harvest food waste by extending shelf life of fruits and vegetables, and to potentially provide an alternative revenue stream by issuing carbon credits
Neve Yarak, Israel, Aug. 20, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean tech company engaged in sustainable solutions for energy and innovation for agri-tech, announced its plan to utilize its subsidiary, Save Foods Ltd.’s (“Save Foods”), patented treatment to extend shelf life of certain fruits and vegetables to pursue monetizing the quantification of emission reductions by keeping food in the human supply chain. If successful, the Company could receive designated food waste credit.
Save Foods engaged a team of sustainability strategy experts from the Nibbana-Group, led by Galit Kenigsberg, to examine potential avenues to provide alternative revenue streams from Save Food’s patented treatment. They concluded that Save Foods may meet the conditions of the Verra VM00046 methodology and could potentially be eligible to receive certain benefits such as food waste carbon credits.
This methodology applies to project activities that reduce food loss and waste (FLW) by increasing food available for human consumption and keeping food in the human supply chain. Eligible project activities may prevent FLW at different stages of the food chain, including at farms, food processing facilities, retailers, food services/hospitalities, and households. The methodology enables organizations to become eligible for carbon credits by reducing food waste.
David Palach, N2OFF’s CEO, commented, “This methodology provides us with an opportunity not only to continue helping farmers, packaging houses, and retailers reduce costs by extending shelf life, but also to potentially increase revenues by qualifying for credits through the use of Save Foods products. We are exploring the Verra VM00046 methodology, which we believe could align with our strategy. We also plan to implement an inset strategy to monetize our proprietary technology for reducing N2O greenhouse gas emissions.”
About N2OFF Inc:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation for agri- tech. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute in tackling greenhouse gas emissions, offering a solution to mitigate 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 provide funding to Solterra Renewable Energy Ltd. for the current project in the total Capacity of 111 MWp, as well as future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd. 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 deal with 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 methodology. Actual results, performance or achievements could differ materially from those described in or implied by the statements 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 as well as 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 in 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 hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Investor Relations Contacts:
Michal Efraty
michal@efraty.com
