Turbo Energy to power Uber’s EV fleet in Spain with storage solution

VALENCIA, Spain - Turbo Energy S.A. (NASDAQ:TURB), a $27.78 million market cap company whose stock has surged over 10% in the past week according to InvestingPro data, has signed an agreement to provide energy storage solutions for Uber’s electric vehicle fleet in Spain, according to a press release issued Wednesday.

The project centers on Turbo Energy’s SUNBOX Industry system, which will power 10 high-capacity charging points for Uber vehicles. The company, currently trading above its InvestingPro Fair Value estimate, has installed systems creating a 1 MW/2 MWh storage hub that enables charging for over 300 vehicles at a site with limited grid connection capacity of 600 kW.

By adding 1,000 kW of flexible storage capacity, the solution expands the total available power to 1.6 MW, allowing the charging infrastructure to function without overloading the existing grid connection.

The system uses artificial intelligence to automatically adjust charging power based on grid supply and battery status, which helps maintain uninterrupted operations at locations with power constraints.

"This project represents a milestone in industrial electric mobility," said Mariano Soria, Chief Executive Officer of Turbo Energy, in the statement.

Turbo Energy collaborated with INSOLEN, a Spanish engineering and energy efficiency firm, on the implementation of the project. INSOLEN specializes in energy audits, solar photovoltaic systems, and charging infrastructure.

Turbo Energy, founded in 2013, develops AI-managed solar energy storage technologies and solutions. The company operates across Europe, North America, and South America, and is a subsidiary of Umbrella Global Energy, S.A. With annual revenue of $9.76 million, the company faces profitability challenges, as revealed by InvestingPro analysis, which offers 5 additional key insights about the company’s financial health and market position.

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