Turbo Energy (NASDAQ: TURB), a company engaged in the design, development and production of equipment for the generation, management and storage of photovoltaic (“PV”) energy, today announced the pricing of its initial public offering of 1,000,000 American Depositary Shares (“ADSs”), representing 5,000,000 ordinary shares, at a price of $5.00 per ADS to the public for a total of $5,000,000 of gross proceeds to the company (the “offering”). Turbo Energy has granted a 45-day option to the underwriters to purchase up to 150,000 additional ADSs representing 15% of the ADSs sold in this offering, solely to cover over-allotments, if any, less the underwriting discount. The ADSs are expected to begin trading on the Nasdaq Capital Market on Sept. 22, 2023, under the symbol TURB. Subject to customary conditions, the offering is expected to close on Sept. 26, 2023. Titan Partners Group, a division of American Capital Partners LLC, is acting as lead underwriter for the offering. Boustead Securities LLC is acting as the representative of the underwriters.
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About Turbo Energy S.A.
Turbo Energy 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. For more information, please visit the company’s website at: www.Turbo-e.com.
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