TurboGen, an Israeli developer of microturbine-based CHP energy systems, filed on Thursday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; TurboGen will not raise new capital in its listing.
The Registered Stockholders plan to sell up to 3.1 million shares of common stock.
TurboGen is currently listed on the Tel Aviv Stock Exchange under the symbol "TURB". On March 10, 2026, the as-converted last reported sale price of its shares was about $7.45. At that price, the company would command a fully diluted market value of $194 million.
TurboGen is an Israel-based developer of combined heat and power (CHP) systems that use multifuel microturbines to generate electricity and heat at the point of use. Its primary product under development is the TG-40 microturbine, designed to produce up to 40 kilowatts of electricity and 60 kilowatts of heat for distributed energy applications. The company is currently focused on research and development and plans to transition to manufacturing and installation once development is complete. It is also exploring additional CHP technologies, including smaller and larger turbine models for mobile and building installations, through discussions with potential partners in the United States and Europe. As of the prospectus date, the company remains in the development stage, with demonstration-only production capacity and no revenue generated.
The Tel Aviv, Israel-based company was founded in 2014 and plans to list on the Nasdaq under the symbol TRBG. TurboGen filed confidentially on December 12, 2025. As a direct listing without a firm commitment offering, there are no underwriters on the deal; however, unlike most direct listings to date, it has not disclosed a financial advisor.
