NEVE YARAK, Israel – N2OFF, Inc. (NASDAQ: NITO) (FSE:80W), a clean tech company focusing on energy and agri-tech solutions with a market capitalization of $13.7 million, announced today that its subsidiary, Save Foods Ltd., has successfully defended its European patent against opposition from ECOLAB Inc. According to InvestingPro data, the company’s stock has shown significant volatility, with a 383% year-to-date return despite a recent 35% weekly decline. The disputed patent, EP2615932, relates to a method for protecting edible produce using a particular performic acid composition, 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 a part of Save Foods’ commercial offerings that purportedly cut pesticide use on fresh produce by at least 50% and extend shelf life, aligning with the European Union’s regulatory goals to reduce pesticide use in agriculture.
David Palach, CEO of N2OFF and board member of Save Foods, expressed confidence that this legal victory will bolster the company’s negotiations with global partners and showcase the distinctiveness of their technology. He also emphasized the alignment of their solutions with EU agricultural policies.
Save Foods’ solutions are designed to enhance safety and freshness from production to consumption, with initial applications in post-harvest treatments for fruits and vegetables such as citrus, avocados, pears, apples, and mangos. By controlling pathogen contamination and reducing chemical use, the company aims to deliver safer, natural products while also addressing food waste concerns.
N2OFF, formerly known as Save Foods, Inc., has diversified interests, including a majority-owned subsidiary, NTWO OFF Ltd., which focuses on reducing nitrous oxide emissions in agriculture, and a minority stake in Plantify Foods, Inc., a Canadian company offering clean-label food products.
ECOLAB Inc. retains the right to appeal the decision until April 9, 2025. The European market for crop protection pesticides was valued at $27.73 billion in 2021, with projections rising to $31.6 billion by 2026, indicating a substantial market opportunity for Save Foods’ technology.
This announcement is based on a press release statement, and forward-looking statements within it are subject to various risks, uncertainties, and potential changes in market conditions. InvestingPro analysis indicates the company maintains a strong financial position with a current ratio of 6.52 and zero debt, though it remains unprofitable over the last twelve months. Investors seeking deeper insights into N2OFF’s financial health and growth prospects can access additional ProTips and comprehensive metrics through an InvestingPro subscription.
In other recent news, N2OFF, Inc. has reported notable progress in its operations. The clean technology firm recently secured approximately $1.5 million in gross proceeds from a private placement offering and settled an 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 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 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-day period to meet Nasdaq’s minimum bid price requirement, demonstrating its compliance with the market value of publicly held shares and all other initial listing standards on the Nasdaq Capital Market.
InvestingPro analysts predict a 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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