TurboGen (TASE: TURB), a leading Israeli developer of turbines for independent power generation, announced that it has secured a convertible loan amounting to 4 million shekels from entrepreneur Alex Katz. The funding was announced on the backdrop of recent patent approvals and progress towards installations in the state of New York. This investment is an additional vote of confidence from Katz who, in 2022, had given a convertible loan to the company amounting to 3.5 million shekels.
Katz brings with him over 20 years of experience in the American real estate market, and his involvement as an external consultant to the company will assist in its penetration into the American market. His extensive connections in the real estate sector are essential for embedding the company's technological solutions and are expected to accelerate the growth of the company's business activities.
According to the company’s announcment, the share price associated with the conversion of the loan is 12 NIS, which represents a whopping 40% premium compared to the current share price. This implies Katz believes the company is undervalued or is on the verge of major achievements that would position it as such. As mentioned, the company recently received approval for substantial patents, and is making progress towards installations in New York. The loan also bears a standard interest rate of 10%, which would only apply if the loan were not converted to equity.
Katz expressed his enthusiasm for TurboGen saying: "The innovative technology developed by TurboGen will transform the energy market and provide a solution for the increasing demand for energy in urban areas. The company's product maturity and the growing demand for energy are what motivated me to join the company. I believe my deep familiarity with the American real estate market and regulation on energy, emissions, and sustainability issues will significantly contribute to promoting the company's business activities."
Yaron Galboa, CEO of TurboGen, commented: "We have begun expansion processes into the American market through a pilot in New York. The addition of Mr. Katz underlines the value and potential he sees in TurboGen. Katz’s familiarity with the real estate field and the close relationships he has developed with leading players in the industry, particularly in the American market, will assist us in accelerating our expansion into international markets, and the US specifically."
Disclaimer: The content above is for informational purposes only and should not be used as financial advice. Global Market News Syndication (GMNS) is a commercial service syndicating local announcements and news as reported to the international arena.
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