Clean tech company N2OFF Inc. ( NITO ) shares are skyrocketing on Thursday after the company entered into a partnership with Solterra Energy Ltd. to work on renewable energy initiatives in Albania.

The collaboration, which will focus on solar power and battery storage, is scheduled to last for one year.

Both parties aim to identify possible projects and, if deemed viable, proceed with development and funding. Solterra will take the lead on project execution, and N2OFF ( NITO ) will manage the financing, either directly or with the help of partners.

N2OFF ( NITO ) and Solterra have launched multiple renewable energy projects throughout Europe, with ongoing initiatives in Germany and Italy.

In Germany, they are working on a 111 MWp solar photovoltaic project in Melz, which has gained municipal approval.

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In Italy, the companies are progressing with two Battery Energy Storage Systems in Sicily, which are expected to reach the construction-ready phase within the next 18 to 24 months.

This agreement follows a recent trilateral partnership among Italy, Albania, and the United Arab Emirates to advance renewable energy in Albania.

Centered on solar and wind power, the initiative will also leverage the UAE’s clean energy expertise, with a portion of the generated power being sent to Italy through an underwater cable.

Albania has been working to improve its renewable energy capacity, upping generation by around 500 MW in the last two years.

Price Action: NITO shares are trading higher by 59% at $1.28 at the last check Thursday.

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