Turbo Energy, a subsidiary of Umbrella Solar Investment Group, has filed an application with the SEC to register a Form F-1 prospectus to conduct an offering of securities to certain institutional investors in the United States and other jurisdictions prior to the subsequent listing of its shares through ADRs on the National Association of Securities Dealers Automated (NASDAQ) in New York (USA). Approval of the prospectus is expected to be obtained from the SEC in the next few weeks and the market will be informed in due course.
The objective of the placement of Turbo Energy shares in the main international stock market for technology companies is the implementation of a growth strategy based on the acceleration of its product roadmap and the expansion of the functionalities of its Artificial Intelligence algorithmic platform.
Turbo Energy is focused on combating the Climate Crisis by creating value-added solar products with convergent technology in three of the areas with the highest investment concentration in the stock market: solar energy, electricity storage using lithium-ion batteries and the use of Artificial Intelligence systems.
For Enrique Selva, CEO of Turbo Energy, through Turbo Energy’s participation in NASDAQ “we intend to boost the company’s strategic growth, to capture value in the growing market of artificial intelligence applied to renewable energy. We are backed by a track record of 10 years of innovation, which has allowed us to deploy our flagship product SunBox, an all-in-one solar system, with great acceptance in residential, commercial and industrial markets”.
The placement is estimated, according to the preliminary and non-binding range included in the F-1 prospectus, at a minimum pre-money valuation of US$125 million and will be open to all types of institutional investors. The chosen formula will be through the listing of ADRs representing Turbo Energy shares with the support of CITIBANK as custodian bank. The minimum amount to be raised is estimated to be US$5 million.
