TurboGen (TASE: TURB) (OTC: TURGF), a leading developer of multi-fuel micro-turbines for local energy production, has announced its intention to form a strategic alliance with the New York-based Platinum Energy Group (PEG). Through a signed Letter of Intent (LOI), TurboGen and PEG aim to investigate potential business opportunities in the US.
PEG, a private entity focusing on energy systems production, marketing, and installation, commands a robust presence in residential, office, and industrial spaces in New York, New Jersey, and Connecticut. The prospective partnership’s focal point lies in identifying business possibilities to develop integrated energy systems using both organizations’ existing technologies.
TurboGen’s CEO, Yaron Galboa, mentioned the collaboration aims to penetrate the American market using PEG’s diverse energy expertise and substantial US presence. He added, “Their capabilities in the energy field, coupled with their significant US footprint, will assist us in tailoring a solution to cater to the specific requirements of the market.”
TurboGen, recognized for it’s of high-energy efficiency micro-turbines, is disrupting the field of self-sufficient heat and electricity production, with applications inr a variety of structures, including nursing homes, hotels, apartment buildings, and industrial buildings. TurboGen’s micro-turbines stand out for their high energy efficiency, light weight, and cost-effective installation and maintenance, outperforming other solutions in the 50 kilowatt to 1 megawatt range. The company’s vision is to address significant electricity market challenges such as aging electricity infrastructure, complex renewable energy integration, and the mounting electricity demand due to global warming and the burgeoning electric vehicle sector.
Previously, TurboGen received an impressive boost in the international energy market, with an investment from renowned real estate entrepreneur Alex Katz. This convertible loan of 4 million shekels represented Katz’s confidence in TurboGen, with the loan converting at a significant premium of approximately 40% on the current share price. Katz’s strategic investment and his addition as an advisor is expected to expedite TurboGen’s penetration into the US market.
TurboGen also announced the authorization of a patent in the US for a unique cooling system it has developed for gas turbine engines. This novel system enables micro-turbines to function at extreme temperatures, leading to higher energy output, improved efficiency, and reduced energy production costs. With its advanced solutions, TurboGen anticipates a substantial positive impact on global electricity demand.
With the Hydrogen Generation market expanding at a rate of almost 10% annualy, TurboGen is well-positioned to capitalize on this growth with its innovative products. Moreover, the microgrid market, another area where TurboGen operates, is witnessing substantial growth, with projections indicating a market value nearing $245.5 Billion by 2032, and a market value of $53.9 Billion as of 2022.
With Katz’s financial support and the strategic collaboration with PEG, TurboGen is set to make significant advancements in the US and international energy markets. Their united mission to address the world’s growing energy demand using cutting-edge solutions signifies an exciting time ahead for green energy technologies and the US market.
