- The recent COP28 Conference laid out the world’s plans to both, phase out fossil fuels as well as triple ongoing investment in renewable energy technologies
- The dramatic increase in renewable energy demand, particularly amongst households, is a trend which Turbo Energy is seeking to capitalize on
- The launch of the company’s ‘SunBox’ home system provides end users with the ability to harness and make use of solar energy through a single, standalone product
- Turbo Energy recently announced the start of a distribution partnership with Solar360, a division of Spanish telecom giant, Movistar
Speaking at the United Nation’s Climate Change Conference (COP28) in Dubai last year, COP28 President Sultan al-Jaber revealed the ‘Global Stocktake’, an agreement which heralded the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emission cuts and scaled-up finance (https://ibn.fm/ddVP3). Alongside the landmark statement, the agreement also stipulated the tripling of new investments in renewable energy in coming years. Renewable energy sources like wind and solar have seen their cost structures decline dramatically in recent years, arriving at cost parity with fossil-fuel powered energy sources in several global markets. The decline in renewable energy costs coupled with the exponential rise in fossil fuel prices have led to a dramatic increase in renewable energy demand, a phenomenon which the likes of Turbo Energy (NASDAQ: TURB), a designer, developer and manufacturer of photovoltaic energy generation, management, and storage equipment, have sought to capitalize on.
Despite their higher upfront costs – in early 2023, it cost an average of $18,000 to install a 6kW grid-tied solar system, solar energy home systems have long posed an attractive investment proposition for homeowners. Solar panels have a usable lifespan of 25 years on longer; homeowners who install solar panels tend to break even within six to ten years due to utility bill savings (https://ibn.fm/GjAh4) providing for an attractive return on investment. Whilst the investment case for solar panels has been generally well-understood, recent, volatile moves in hydrocarbon prices have served as a further incentive for homeowners seeking to shift towards renewable energy sources.
Turbo Energy has looked to capitalize on the growing transition towards renewable energy and sustainable residential energy supplies though its revolutionary ‘SunBox Home’ energy storage solution. The company’s ‘SunBox Home’ system encompasses an all-in-one AI-powered energy storage solution, designed to assist households in managing their power consumption. Directly linked to a household’s solar panel generation unit, the SunBox system allows users to choose between settings including ‘maximum consumption’ or ‘maximum savings’, conserve a portion of its energy reserves in the event of unexpected electricity blackouts or rather, sell excess power back onto the grid. The groundbreaking energy storage system additionally boasts the capacity to track weather forecasts, thus ensuring its batteries are fully charged in the event of a storm (https://ibn.fm/RY6SG).
Moreover and in a nod to the technology’s growing popularity – particularly in Spain where the installed capacity of household solar energy systems increased by a remarkable 2.5 gigawatts in 2022 alone (i.e. nearly half of the cumulative 5.2 gigawatts installed to date), Turbo Energy recently announced that it had begun marketing its household solar energy systems in partnership with Solar360, the energy division of Movistar – Latin America’s largest telecommunication company and one of the world’s 500 most valuable companies (https://ibn.fm/fwhtn). The deal, which will see Turbo Energy dramatically build upon its distribution footprint, will enable Spanish households to capture and make use of solar energy power within their homes without the need to apply for special permits or recruit professional installation support.
“It is very gratifying for us to see that Movistar, a leading home-services brand, is committed to Turbo Energy,” said Mariano Soria, CEO of Turbo Energy. “It encourages us to continue researching and developing products that contribute to the sustainable reduction of energy costs for thousands of homes and businesses.”
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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