Turbo Energy, a Spanish provider of PV energy storage equipment being spun out of Umbrella Solar Investment, raised $5 million by offering 1 million ADSs at $5, the low end of the range of $5 to $6.
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 plans to list on the Nasdaq under the symbol TURB. Titan Partners, Boustead Securities, and Sutter Securities acted as joint bookrunners on the deal.
