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Turbo Energy, S.A. (Nasdaq: TURB) is a pioneering company based in Valencia, Spain, renowned for its innovative solutions in the field of photovoltaic (PV) energy. The company excels in the design, development, and distribution of equipment for the generation, management, and storage of PV energy.
Turbo Energy's core business involves the acquisition, distribution, and sale of electrical and electronic materials essential for renewable energy projects. These include solar panels, inverters, chargers, regulators, batteries, and structural components. The company's flagship product, the Sunbox, integrates advanced software systems and artificial intelligence (AI) to optimize energy storage and usage, providing significant savings on electricity bills and enhancing reliability during power outages.
The company's advanced software system, managed from the cloud, allows for seamless control and optimization of energy storage. This AI-powered system monitors energy generation, consumption patterns, market prices, and weather conditions to maximize efficiency and cost savings. Turbo Energy primarily serves residential consumers in Spain, selling its products through installers and other distributors.
In recent developments, Turbo Energy successfully launched its Initial Public Offering (IPO) on the Nasdaq Capital Market, raising $5,000,000 to fuel its growth and innovation strategies. The company has been expanding its international presence, with sales initiatives in 14 countries across Europe and plans to enter the South American and North American markets.
Recent Achievements and Projects:
- Partnership with major retailers like Leroy Merlin to distribute the Sunbox in Spain.
- Launch of a portable photovoltaic product for home balconies and a commercial/industrial scale version.
- Strategic alliance with Solar360 to install intelligent batteries across various sectors.
- Expansion of product lines incorporating AI and advanced software for energy optimization.
Financial Condition: Despite market challenges, Turbo Energy remains optimistic about its future, driven by continuous innovation and strategic expansion plans. The company reported revenues of €7.2 million for the six months ended June 30, 2023, and is committed to leveraging its technological advancements to sustain growth.
For more detailed information, visit the company’s website at www.turbo-e.com.
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.
Turbo Energy, a leader in photovoltaic energy storage, announced key outcomes from its 2024 Annual General Meeting of Shareholders held on June 25, 2024, in Valencia, Spain.
Key points include the election of seven board members, ratification of TAAD, LLP as the accounting firm for 2024, approval of the individual annual accounts and management report for the fiscal year ending December 31, 2023, and the delegation of power to the Board to increase share capital and issue convertible bonds up to specific limits, excluding pre-emptive subscription rights.
These proposals aim to provide the Company flexibility in capital management and strategic growth.
Turbo Energy, a leader in photovoltaic energy storage, has filed a patent application for its Sunbox C&I product with the Spanish Patent and Trademark Office. The product offers efficient and adaptable solutions for solar installations, allowing for increased production capacity and cost savings. CEO Mariano Soria expressed optimism for approval and plans for international expansion.
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