The latest tech company, which has filed for an IPO on the Tel Aviv Stock Exchange (TASE) is green energy company TurboGen, which has well known shareholders including Rafael Advanced Defense Systems.
Founded in 2014, TurboGen has developed high-efficiency combined heat and power (CHP) generators based on military jet engine technology. The company aims to raise several tens of millions of shekels at a company valuation of NIS 200 million. The underwriters are Rosario Capital and Barak Capital.
TurboGen offers clean, free-standing energy based on a natural fuel source, providing power directly to the customer on demand. Optimally suited for grids such as office buildings and hospitals, the generators are lightweight and can provide up to 50,000 hours of nonstop power between services.
The company said, "This is proven and unique technology based on a jet propulsion system developed by Rafael (a shareholder in the company)."
According to its prospectus, TurboGen has lost NIS 12 million over the past two years.
Published by Globes, Israel business news - en.globes.co.il - on June 14, 2021
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