- Turbo Energy in September 2023 announced its successful debut on the Nasdaq stock exchange
- The company operates as a subsidiary of Umbrella Solar Investment S.A.
- Turbo Energy’s total revenue for the year ended December 31, 2022, increased by 82% year-over-year to €31,148,676 (approximately $33,321,219)
- In October 2023, the company was awarded a software patent in Spain related to its flagship Sunbox product
Turbo Energy (NASDAQ: TURB) designs, develops and distributes equipment for the generation, management and storage of photovoltaic energy in Spain, Europe and internationally.
Turbo Energy’s products include lithium-ion batteries and inverters. Additionally, the company recently launched its flagship product, the Sunbox, an all-in-one device that integrates most of the equipment required for a residential photovoltaic installation. The Sunbox is powered by AI and features a software system that monitors the generation, use and management of photovoltaic energy by analyzing 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-use reduction and uninterruptible power supply functions.
Turbo Energy currently sells its photovoltaic energy equipment primarily through distributors for residential consumers in Spain, but it possesses the expertise and international perspective to expand its product portfolio into industrial and commercial scale and markets, as well as advancing the internationalization process it has already started. The company plans to expand into the industrial photovoltaic sector with its new Sunbox, launched in 2023, in higher power and capacity variants. Its goal is to become a significant player in this sector and contribute to the growth of renewable energy solutions.
The company was incorporated in 2013 and is based in Valencia, Spain. It operates as a subsidiary of Umbrella Solar Investment S.A.
Products
Lithium-Ion Batteries
Turbo Energy is one of the leading companies that introduced lithium-ion batteries for photovoltaic energy storage in Spain. Primarily for the home energy storage market, the company’s batteries have capacities from 2.24 kWh to 5.1 kWh in 24 and 48 volts. In addition, its 48V / 5.1 kWh units are available in a dual battery system.
Inverters
The inverter converts the direct current produced by the photovoltaic panels into alternating current that can be used by household appliances. It also regulates battery charging and discharging based on energy needs and optimizes utilization of generated renewable energy. Turbo Energy currently offers multiple models that cover most household installations.
All-in-One Sunbox
This product incorporates inverters, batteries and the rest of the components necessary to operate and protect the photovoltaic installation. This saves installation cost and assembly and configuration time while preventing errors. Notably, the latest Sunbox models also offer an EV charging option.
Software System
In communication with the inverter, the company’s software monitors energy flows between the photovoltaic panels, household consumption, storage and an optional electric vehicle charging station. The software allows users to customize an automatic backup mode based on weather forecasts, or manually select which part of the battery will be reserved for possible power outages. It also allows the battery to be used in a peak shaving mode, which leverages AI to trigger battery power when grid energy is most expensive, effectively reducing the amount of high-cost power drawn from the grid.
Market Opportunity
According to a report by Fortune Business Insights, a global research and reporting firm, the solar energy storage battery market was estimated to be worth $3.33 billion in 2022 and is projected to reach a value of more than $20 billion by 2030, marking a CAGR of 24.2% over the forecast period.
These batteries are crucial components of renewable energy systems, allowing for the storage of excess electricity generated by solar panels, so it can be used during times of no or low sunlight. By storing energy and supplying it when needed, these batteries reduce reliance on the power grid and maximize self-consumption while helping users avoid peak electricity rates. They also contribute to the transition toward a cleaner and more sustainable energy future by enabling residential consumers and businesses to use solar power even when the sun is not shining.
Management Team
Enrique Selva Bellvís is the CEO and founder of the Umbrella Group. In addition, he serves as vice-president of the Valencian Association of Energy Sector Companies industry group. Before his career in the solar energy sector, he was the founder and CEO of Innova Ingenieros Consultores. He holds a degree in industrial engineering with a specialization in energy from the Polytechnic University of Valencia and completed the Management Development Programme at the IESE Business School.
Mariano Soria is the Chief Innovation Officer for the Umbrella Group and serves as General Manager of Turbo Energy. He was CEO of Punt Moble XXI S.L. and continues to serve on that company’s board. Before that, he was the General Manager of REJMAR S.A., a land development company. He received his degree in industrial engineering and industrial organization from the Polytechnic University of Valencia, and his MBA from the European University of Madrid.
Alejandro Moragues is CFO of Turbo Energy. Previously, he held the position of Senior Corporate Auditor for U.S. company Euronet Worldwide Inc. and was an external auditor for PricewaterhouseCoopers. He holds a bachelor’s degree in business administration and management from the Polytechnic University of Valencia.
Manuel Cercos is Chief Commercial Officer at Turbo Energy. Previously, he held positions at Técnicas Aplicadas en Baterías S.L., where he served as Sales Director and Sales Manager. Before that, he worked as a Sales Technician at DAISA.
For more information, visit the company’s website at www.Turbo-e.com.
NOTE TO INVESTORS: The latest news and updates relating to TURB are available in the company’s newsroom at https://ibn.fm/TURB
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