Turbo Energy S.A. (NASDAQ: TURB) Signs Distribution Agreement with El Corte Ingles

• The European Union recently signed its inaugural ‘European Solar Charter’, aimed at driving the growth of the continent’s solar industry
• Turbo Energy has emerged as one of the leading companies within the European solar supply chain, with its array of residential and industrial energy storage solutions
• The company recently revealed that its range of ‘GoSolar’ residential solar energy solutions would be distributed by El Corte Ingles, Europe’s largest department store chain
• Turbo Energy also announced its FY2023 financial results, revealing FY23 revenues of USD 14.54 million

The European Commission and representatives of the continent’s solar energy parts manufacturers came together on April 15th to sign a charter, aimed towards achieving resilient within the European Union’s solar value chain and help meet the bloc’s renewable energy targets (https://ibn.fm/iVywL). A key element of the European Solar Charter signed by 23 of the 27 EUR countries, signaled a commitment from the signatory governments to realize the pending Net-Zero Industry Act (“NZIA”), legislation which will aim to ensure that the EU will have the manufacturing capacity for renewable technologies, including photovoltaics, nears 40 percent of annual deployment needs by 2030.

The European Union sourced 23 percent of its energy needs from renewable sources in 2022, largely driven by solar energy; nevertheless, that proportion seems likely to increase dramatically in upcoming years. The EU has set a new target of sourcing 42.5 percent of its energy needs from renewable sources for 2030, an ambition which will require a double of the rate of renewables deployment seen over the past decade alongside an ongoing transformation of the European energy system (https://ibn.fm/DpIDT).

Turbo Energy (NASDAQ: TURB), a designer, developer and manufacturer of photovoltaic energy generation, management, and storage equipment is one of the companies striving to help meet this objective through its range of power storage solutions. The company’s GoSolar range, an array of lightweight and portable solar energy solutions, seeks to provide consumers with cost-effective options for reducing electric bills and minimize their carbon footprint (https://ibn.fm/GZv2e). Designed for easy installation and compatibility with most household outlets, GoSolar will provide households with an accessible route towards renewable energy adoption.

Turbo Energy has now revealed that its GoSolar range of residential solar solutions will be distributed by El Corte Ingles S.A, Europe’s largest department store group and the third largest worldwide. The partnership between Turbo Energy and Corte Ingles will further burnish El Corte Ingles’ commitment to innovation and sustainability, extending the retail company’s wide range of offerings.

Mariano Soria, CEO of Turbo Energy, expressed enthusiasm about the collaboration, stating, “We are very excited that El Corte Inglés S.A., the third largest department store group in the world, will be selling our GoSolar product. This development, we believe, will contribute to the sustainable reduction of energy costs for thousands of homes.”

Collaborations such as the recently revealed distribution agreement with El Corte Ingles as well as the previously announced partnership with Solar360, the energy division of Movistar have played a growing part in the expansion of Turbo Energy’s retail footprint, with Turbo Energy announcing full year 2023 revenues of USD 14.54 million for the recently concluded financial year (https://ibn.fm/gYrfM).

For more information, visit the company’s website at www.Turbo-e.com.

NOTE TO INVESTORS: The latest news and updates relating to TURB are available in the company’s newsroom at https://ibn.fm/TURB

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