N2OFF INC. to Pursue Food Waste Carbon Credit Verra VM00046 Methodology
21 August 2024 - 6:04AM
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 Efratymichal@efraty.com
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