This report is based on public company disclosures, filings and announcements reviewed by GSN; figures are as stated by the company and have not been independently verified.

Turbo Energy S.A. (Nasdaq: TURB) said on September 17, 2026 that it has 15 firm-order energy storage projects across Spain and Chile for commercial and industrial customers, with an estimated aggregate order value attributable to the company of approximately 3 million euros, or approximately 3.48 million US dollars. The projects combine 15.6 MWh of storage capacity and 5.95 MW of power units with the company’s energy management systems, according to the release.

The company said two of the systems are already operating, three are under installation, nine are in manufacturing and one is under development. Based on current schedules, it expects the projects not yet operating to be delivered, installed and commissioned between the fourth quarter of 2026 and the first half of 2027, “subject to customer site readiness and other project-specific conditions”.

The release states that the 15 projects are separate from the previously announced 366 MWh Pamesa Net Zero deployment under a 53 million US dollar contract, and that the 3 million euro value and 15.6 MWh capacity exclude Pamesa. Mariano Soria, the chief executive, said customers “are not simply looking for more battery capacity” and need what he called an intelligent energy layer coordinating generation, storage and demand.

The release sets out its own definitions. The firm-order portfolio comprises projects “supported by binding purchase orders and/or executed supply agreements” and excludes non-binding proposals and letters of intent. The orders remain subject to their contractual terms, “including any applicable modification, cancellation or termination provisions”, and the 3 million euro figure “does not represent revenue recognized within a single reporting period”.

Reading the release

On the release’s figures, 3 million euros across 15 projects is an average of about 200,000 euros per project, and about 190,000 euros per MWh of the 15.6 MWh total. Dividing 15.6 MWh of storage by 5.95 MW of power gives about 2.6 hours of discharge at full output. The Pamesa comparison runs the other way: 366 MWh for 53 million US dollars is about 23 times this portfolio’s capacity for about 15 times its 3.48 million US dollar value, so the smaller systems carry a higher price per MWh, on the company’s numbers.

The release gives no customer names, no split of projects or value between Spain and Chile, and no per-project figures. It does not say how many of the 15 orders are new since the company last reported; “continued expansion” is the release’s own description, and it does not date the orders. The two systems already operating have, by definition, been delivered, so some part of the 3 million euros may already have been recognized as revenue; the release does not say how much.

The word “attributable” is doing work in the headline figure. The value is described as the value “attributable to Turbo Energy under the underlying orders”, which leaves open whether other parties, such as installers or the group the release says Turbo Energy is part of, Umbrella Global Energy, share in the orders. The release does not explain the term. It gives no margin on the work and no payment terms; it says only that revenue recognition and cash collection “depend on the contractual and execution milestones applicable to each project”.

The dollar conversion is footnoted: the 3.48 million US dollar figure uses the Federal Reserve H.10 rate of 1.1604 dollars per euro reported for September 11, 2026, so the dollar figure moves with the exchange rate and the euro figure is the one to follow. The passage on the Strait of Hormuz and energy price volatility is the company’s framing; the release cites no source for it.

Nothing in the release is signed off by an independent party. The status of each project, from manufacturing to operating, is the company’s own account. The delivery timetable is an expectation “based on current project schedules”, conditional on customers’ sites being ready, and it spans three quarters.

Questions worth asking

How much of the 3 million euros has already been recognized as revenue? Two of the 15 systems are operating and three are being installed, but the release does not separate delivered from undelivered value.

Who are the customers, and how many of the 15 projects are in Chile? The release names neither the buyers nor the country split, so a reader cannot tell how much of the portfolio sits outside Spain.

What does “attributable to Turbo Energy” exclude? If part of each order’s value goes to another party, the gross size of the projects is larger than 3 million euros and the company’s share is not explained.

Are the nine projects in manufacturing being built against customer deposits? The release says cash collection depends on each project’s terms but does not say whether Turbo Energy is funding the build ahead of payment.

Key terms in this story

Firm order. In this release, an order backed by a binding purchase order or a signed supply agreement, as opposed to a proposal or a letter of intent. The release adds that firm orders can still be modified or cancelled under their contract terms, so the figure is a measure of contracted work, not of certain revenue.

Megawatt hour and megawatt. The first measures how much energy a battery can store, the second how fast it can deliver it. Turbo Energy gives both for the portfolio, and the ratio between them shows how many hours the systems can run at full power.

Commissioning. The final step in which an installed system is tested and handed over for operation. The release uses it as the last of three stages, after delivery and installation, that the uncompleted projects must pass through.

Revenue recognition. The accounting point at which contracted value becomes reported revenue. The release states directly that the order value is not revenue in a single period, and that the timing depends on each project’s contractual and delivery steps.

Peak-demand management. Using stored energy to cut what a site draws from the grid at its busiest moments. It is one of the applications the release lists for the portfolio, alongside solar time shifting, off-grid supply and electric vehicle charging.

What to watch

Fourth quarter of 2026 to first half of 2027: the company expects the projects not yet operating, 13 of the 15 once the two already running are set aside, to progress through delivery, installation and commissioning, subject to customer site readiness and other project-specific conditions.

Sources