Tel Aviv-listed microturbine developer TurboGen files for a direct listing on the Nasdaq
IPO Overview
TurboGen, an Israeli developer of microturbine-based CHP energy systems, filed on Thursday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; TurboGen will not raise new capital in its listing.
The Registered Stockholders plan to sell up to 3.1 million shares of common stock.
TurboGen is currently listed on the Tel Aviv Stock Exchange under the symbol “TURB”. On March 10, 2026, the as-converted last reported sale price of its shares was about $7.45. At that price, the company would command a fully diluted market value of $194 million.
TurboGen is an Israel-based developer of combined heat and power （CHP） systems that use multifuel microturbines to generate electricity and heat at the point of use. Its primary product under development is the TG-40 microturbine, designed to produce up to 40 kilowatts of electricity and 60 kilowatts of heat for distributed energy applications. The company is currently focused on research and development and plans to transition to manufacturing and installation once development is complete. It is also exploring additional CHP technologies, including smaller and larger turbine models for mobile and building installations, through discussions with potential partners in the United States and Europe. As of the prospectus date, the company remains in the development stage, with demonstration-only production capacity and no revenue generated.
The Tel Aviv, Israel-based company was founded in 2014 and plans to list on the Nasdaq under the symbol TRBG. TurboGen filed confidentially on December 12, 2025. As a direct listing without a firm commitment offering, there are no underwriters on the deal; however, unlike most direct listings to date, it has not disclosed a financial advisor.
About the Company
Founded in 2014 in response to technologically address the threat of climate change and the lack of grid capacity, we develop combined heat and power, or CHP, systems based on multifuel microturbines, or microturbines. These microturbines are used for local electricity, energy, and heat production. Upon completion of our research and development, we will transition to manufacturing and installing our first developed microturbine system, the TG-40, which produces up to 40 kilowatts, or KW, of electrical energy and up to 60 KW of heat. We are designing the TG-40 prototype to be highly efficient at producing energy. We are currently developing the TG-40 for the purpose of lowering production, assembly, and maintenance costs, which will enable us to increase the number of potential installation sites, in part due to its low weight and agile modularity, compared to existing solutions in the 40 KW to 1 megawatt, or MW, range. In addition to the TG-40, we are in the process of negotiations with one European Union-based company and one United States-based company for research and development stage of a range of technologies related to CHP systems, including a smaller and larger scale version of the TG-40, unit sizes, 23 KW for mobile systems, 32 KW and 80 KW for in building installation. As of the date of this Prospectus, we have not generated any revenues.
