Turbo Energy, a Spanish provider of PV energy storage equipment being spun out of Umbrella Solar Investment, filed on Tuesday with the SEC to raise up to $6 million in an initial public offering.
The Valencia, Spain-based company plans to raise $6 million by offering 1 million ADSs at a price range of $5 to $6. At the midpoint of the proposed range, Turbo Energy would command a market value of $143 million. The IPO float is just 3.8% of basic shares outstanding.
Turbo Energy designs, develops, and distributes equipment for the generation, management, and storage of photovoltaic (PV) energy. The company recently launched its flagship product, the Sunbox, which is an all-in-one device that integrates most of the equipment for a domestic photovoltaic installation. Turbo currently primarily sells inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers located in Spain.
Turbo Energy was founded in 2013 and booked $33 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol TURB. The company filed confidentially on February 28, 2023. Boustead Securities is the sole bookrunner on the deal.
