TurboGen, an Israeli developer of microturbine-based CHP energy systems, completed its direct listing on the Nasdaq. The company issued a press release on Monday, 8/31 stating that its shares would begin trading that day, but no shares traded. Its shares are already traded on the Tel Aviv Stock Exchange (TURB).
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 will trade on the Nasdaq under the symbol TRBG.
