PETAH TIKVA, Israel - May 08, 2024 - TurboGen (TASE: TURB), a leading developer of advanced solutions for on-site energy generation in residential buildings, Nursery Home, Hotels and facilities, today announced a significant milestone with the successful installation and commissioning of its first commercial system at a customer site in New York City. The groundbreaking TG40 system has been successfully integrated into the multi-story building's infrastructure, providing electricity and heat for the building needs.
This marks the first out of six systems that TurboGen intend to deploy in this building in the future as part of a comprehensive Memorandum of Understanding (MOU) signed between the parties in September 2022. TurboGen's compact 40 kW system, powered by natural gas, optimally meets the building's baseload electricity and hot water demands while significantly reducing current electricity costs by up to 20%.
"We are immensely proud and gratified to see our system operating in the heart of Brooklyn, providing our customer with a revolutionary energy solution that combines economic efficiency and environmental responsibility," said Yaron Gilboa, CEO of TurboGen. "This is a defining moment in our journey to reshape the global energy supply landscape. TurboGen's technology offers an essential solution to the challenges of our generation – rising electricity demands alongside an aging grid."
This exceptional success comes alongside other impressive developments at the company in recent months. Among others, TurboGen has received all necessary regulatory approvals in the United States for the installation of its systems, announced its strategic intention to list on NASDAQ to make itself accessible to global investors, and successfully raised capital in the local market through a private placement.
With the commissioning of the first system in the economic center of the U.S. with the support of Mr. Alex Katz who will lead the US activities, as previously reported, TurboGen is taking another significant step to accelerate its growth and expand its presence on the global stage. The company's groundbreaking technology proves its immense value and promises to lead a real revolution in the way the world consumes and produces energy. TurboGen is determined to continue this ambitious journey and provide its customers with the most advanced energy solution available.
About TurboGen
TurboGen (TASE: TURB) specializes in the development of advanced solutions for on-site energy generation in buildings and facilities. The company's innovative technology is designed to provide efficient, reliable, and environmentally responsible energy solutions, addressing the growing global demand for decentralized power generation.
For more information, visit https://turbogenchp.com/
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Company Name: TurboGen
Contact Person: Investor Relations
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City: Petah Tikva
Country: Israel
Website: turbogenchp.com/
