IPO Proceeds Devoted to Building Competitive Advantages and Fueling Global Expansion
Valencia, Spain, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (Nasdaq: TURB) (the “Company”), a company engaged in the design, development, and production of equipment for the generation, management, and storage of photovoltaic (PV) energy, officially announced its successful debut on the Nasdaq stock exchange last Friday, September 22, 2023.
“We are thrilled to complete our Initial Public Offering,” said Chairman and CEO, Enrique Selva Bellvis. “Turbo Energy's entry into the stock market is considered a success in terms of capital raising. As detailed in our SEC filings, we expect that the IPO funds will be instrumental in driving Turbo Energy’s next phase of growth and expansion.”
“A major area of emphasis is product development, where Turbo Energy is firmly committed to staying at the forefront. With a vision focused on innovation, the Company aims to lead the PV storage energy in the residential, commercial, and industrial markets in high-tech areas such as software and artificial intelligence. We also intend to accelerate our international expansion schedule. While the company has already laid solid foundations in Europe, we are now gearing up to start operations in South America, with a newly formed team based in Chile. We also have an established team in place to plan expansion for the North American market, and anticipate announcing our initial moves there in 2024.”
In closing, Mr. Bellvis commented, “Turbo Energy sincerely thanks its investors, collaborators, and customers for their ongoing trust and support. I can assure you that our Company is committed to excellence, innovation, and sustainability, and believes that this new chapter on Nasdaq will be pivotal in consolidating our industry leadership.”
About Turbo Energy, S.A.
Turbo Energy, S.A. is a designer, developer, and manufacturer of equipment for the generation, management, and storage of photovoltaic (PV) energy. The Company’s energy storage products are managed, from the cloud by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that its products, compared to conventional battery storage systems, are focused on reducing the electricity bill in addition to protecting from power outages.
Turbo Energy’s flagship product, the Sunbox, is an all-in-one device that integrates most of the equipment for a domestic photovoltaic installation. Designed as a plug & play product, it only has to be connected to the photovoltaic panels and the home. The Sunbox is powered by AI and features a software system that monitors the generation, use, and management of photovoltaic energy through the analysis of large amounts of data related to energy generation, consumption, market prices, and weather forecasts. This AI system optimizes battery usage, reducing electricity bills and providing peak shaving and uninterruptible power supply functions.
The Company has focused all its efforts for 10 years on designing a residential product with customer-centric operating modes and software. With this experience in innovation, in 2022 it launched a version of Sunbox for electric vehicles with an integrated charger. Its special three charging modes along with the intelligent management algorithm have a patent application pending to be resolved. And in 2023 the C&I scale solution has been added to the portfolio, significantly expanding the range of target clients.
Two years ago, Turbo Energy began the international expansion process, having introduced the first sales in 14 countries, mainly in Europe.
Turbo Energy is part of the Umbrella Solar Investment Group, whose main shareholder is Crocodile Investment, S.L.U, with a registered office in Valencia, Spain. The majority shareholder of Turbo Energy, S.A is Umbrella Solar Investment, S.A, which is part of the Umbrella Solar Investment Group.
For more information, please visit the Company’s website at: https://www.turbo-e.com/
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the preliminary prospectus filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information:
For Media and Investor Relations:
Alejandro Moragues Navarro
Chief Financial Officer
Turbo Energy, S.A.
alejandromoragues@turbo-e.com
+ 34 601 902 576
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
