Spanish solar power and storage equipment firm Turbo Energy SA, which is part of Umbrella Solar Investment SA (BME:USI), has filed for an initial public offering (IPO) in the US that will seek to raise up to USD 6 million in gross proceeds (EUR 5.44m).
The Valencia-based firm, which has applied to list on Nasdaq under the trading symbol TURB, will be selling one million American Depositary Shares (ADSs) in the offering. Each ADS represents two ordinary shares.
The targeted price range for the IPO has been set at USD 5.00-USD 6.00 per ADS. At the top end, the company’s market value could exceed USD 150 million, based on the number of outstanding shares.
Turbo intends to use the transaction proceeds to provide equity incentives for its employees, software and hardware development, geographic expansion and general working capital.
Boustead Securities LLC is the sole bookrunner hired for the transaction.
Turbo develops and distributes equipment for the generation, management and storage of photovoltaic (PV) energy, primarily selling inverters, batteries and PV modules. Its recently launched flagship product is the Sunbox, an all-in-one device that integrates most of the equipment for a domestic PV installation.
Umbrella Solar has two operating units. Apart from Turbo, its other business is solar projects developer IM2 Energia Solar which recently placed an order for 27 MW of solar trackers in Spain.