Turbo Energy SA - TURB STOCK NEWS

Turbo Energy (NASDAQ:TURB) has filed a lawsuit against China-based Sigenergy in Madrid's Mercantile Court, challenging Sigenergy's claim of having the 'world's first highly integrated 5-in-1 energy storage system.' The legal action seeks to address allegedly false advertising regarding Sigenergy's SigenStor product.

The lawsuit highlights that Turbo Energy's SUNBOX EV, a patented all-in-one energy storage system, was launched on April 22, 2022, and debuted at InterSolar Europe in May 2022 - more than a year before Sigenergy's June 2023 announcement at EES Europe. Turbo Energy demands Sigenergy to acknowledge the misleading nature of their promotional statements, publish formal corrections, and cease their unlawful advertising practices.

Turbo Energy (NASDAQ:TURB) has announced its expansion into Latin America through the formation of Turbo Energy Solutions (TES), a wholly owned subsidiary focused on providing AI-optimized solar energy solutions in Chile. The company has introduced a new Energy-as-a-Service (EaaS) financing model, allowing commercial and industrial customers to access advanced solar systems without large upfront investments.

TES, in partnership with Smart Dock group, has completed its first installation at Alto Labranza Shopping Center in Temuco, Chile. The system includes a hybrid solar generation and storage solution featuring SUNBOX Industry with 102.4 kWh capacity and AI-optimized management. The installation is expected to produce over 147 MWh of clean energy annually.

The system's reliability was proven during a recent nationwide blackout on February 26, 2025, when Alto Labranza remained fully operational while much of Chile experienced power outages. This successful implementation marks Turbo Energy's entry into Chile's renewable energy market and represents Latin America's first smart storage system implementation.

Turbo Energy (NASDAQ:TURB) has launched SUNBOX Home Lite, a new AI-optimized solar energy storage solution designed for smaller residential installations in Spain requiring less than 15kWh of battery storage capacity. The company has shipped 100 units to Solar360, a joint venture between Repsol and Telefónica España, for immediate installation.

The SUNBOX Home Lite integrates with Turbo Energy's cloud-based SaaS solution, utilizing Artificial Intelligence for intelligent data collection, optimized energy management, and predictive analytics. The system provides real-time insights into weather conditions, electricity prices, solar panel performance, energy consumption, and cost-saving opportunities.

Solar360, specializing in photovoltaic self-consumption solutions for individuals, communities, and businesses, selected Turbo Energy for its cutting-edge technology. The partnership aims to address growing customer demand from smaller homeowners while maintaining product quality and functionality.

Turbo Energy (NASDAQ:TURB) has appointed Julian Groves to its Board of Directors, following shareholder approval on December 18, 2024. Groves, currently serving as COO of MGO Global Inc., brings nearly three decades of experience in commercial strategy, market expansion, and corporate governance.

His extensive background includes leadership roles at notable companies like J Brand Europe, True Religion, and GUESS Europe. At MGO Global, Groves has helped raise significant pre-IPO, IPO, and follow-on financing, and is currently working on a business combination valued at over $300 million.

Board Chairman Enrique Selva emphasized that Groves' expertise in business strategy and global market penetration will be particularly valuable for Turbo Energy's planned expansion initiatives, especially in commercializing their SUNBOX Home solar energy storage technologies in the United States.

Turbo Energy (NASDAQ:TURB) held its Extraordinary General Meeting of Shareholders on December 18, 2024, with 92.80% of shares represented. Shareholders approved several key proposals, including: expanding the board from seven to eight directors with the appointment of Julian Groves; ratifying Deloitte as the Spanish accounting firm for FY2024; and significantly expanding the 2023 Equity Incentive Plan from 1.9 million to 5.5 million ordinary shares.

The plan will also include automatic annual increases starting January 1, 2026, through 2033, with increases to either 10% of outstanding shares or a board-determined amount.

Turbo Energy (NASDAQ:TURB) has provided an update on the impact of October 2024's flash flooding disaster in Valencia, Spain. While the company's headquarters remained unharmed and production systems stayed functional, its warehousing operations were affected by flood waters, resulting in damage to legacy product inventory valued at approximately $2.3 million. The company confirmed that insurance will cover 100% of the losses, with reimbursement expected within 60-90 days.

The natural disaster claimed over 200 lives in southeastern Spain, though all Turbo Energy employees and their families were reported safe. The company maintains a positive outlook for 2025, focusing on growth and geographic expansion in the solar energy storage technology sector.

Turbo Energy (NASDAQ:TURB) has announced an extraordinary general meeting of shareholders scheduled for December 18, 2024, at 1:00 P.M. CET in Valencia, Spain. Shareholders will vote on several key proposals including: increasing board directors from seven to eight with the appointment of Julian Groves, ratifying Deloitte as the Spanish accounting firm for FY2024, and amending the 2023 Equity Incentive Plan to increase available shares from 1.9M to 5.5M, with provisions for automatic annual increases from 2026 to 2033.

ADS holders must submit voting cards by December 9, 2024. Shareholders must be registered at least five days before the meeting to attend. Remote attendance will be available via webcast, with access codes provided to verified shareholders.

Turbo Energy (NASDAQ:TURB) has partnered with Connection Holdings to introduce its AI-optimized SUNBOX Home energy storage system to the U.S. market. This marks a significant step in Turbo Energy's global expansion plan. The SUNBOX Home system, already installed in thousands of homes across nine European countries, is undergoing U.S. testing and certification processes.

Key features of SUNBOX Home include:

• Scalable energy storage capacity up to four times greater than leading U.S. competitors
• All-in-one integrated system with inverter, batteries, and AI-optimized software
• Cloud-based mobile app for user control and real-time monitoring

Connection Holdings will lead a multi-month beta test, deploying SUNBOX Home installations in key U.S. markets, followed by a national marketing campaign. The partnership aims to capitalize on the growing demand for solar-plus-storage systems in the U.S., with industry projections indicating 28% of new distributed solar capacity will be paired with storage by 2028.

Turbo Energy (NASDAQ:TURB) CEO Mariano Soria has issued an operational update to shareholders, highlighting the company's achievements and future plans. Key points include:

1. Turbo Energy's one-year anniversary of IPO and Nasdaq listing on September 26, 2024.
2. Recognition as a leading innovator in photovoltaic energy storage solutions in Europe.
3. Plans to expand into the U.S. and South America markets.
4. Development of a new cloud-based SaaS mobile app powered by proprietary AI.
5. Focus on increasing revenue, expense discipline, and sustainable positive cash flow.
6. Aim to obtain necessary U.S. certifications and identify strategic partners for North American expansion.

Soria emphasized Turbo Energy's unique position in the rapidly growing global energy storage market, projected to reach $506.5 billion by 2031.