On the way to a giant deal: The Israeli 'dream stock' reaches NASDAQ

The technology company TurboGen begins trading today in a dual-listing format on the NASDAQ stock exchange in the US, alongside its listing on the Tel Aviv Stock Exchange. The stock is traded on the Nasdaq Capital Market under the ticker TRBG, following SEC approval of the company's Form F-1 registration document. Simultaneously, TurboGen completed a private capital raise of approximately 5 million dollars.

The company has developed a multi-fuel micro-turbine, a compact system that generates electricity and heat directly inside buildings, reducing dependence on the national grid. The primary target market is the US, alongside Germany and the UK, where developed gas infrastructure and incentive systems for distributed energy solutions are in place.

The company's target customer base includes residential complexes, hotels, nursing homes, hospitals, and server farms, for whom continuous power and heat supply is critical. The dual listing is intended to expose the stock to American institutional investors and increase liquidity.

Over the past two years, TurboGen has been considered one of the 'dream stocks' on the Tel Aviv Stock Exchange, with a price reflecting future expectations rather than actual revenues. While investors like Jacky Ben-Zaken and Barak Abramov held significant stakes early on, their holdings have been diluted to negligible levels. The dominant owner today is businessman Tzahi Abu.

The center of gravity for Abu is a deal in which TurboGen will acquire 50% of Elbatech, a defense integrator held equally by Israel Aerospace Industries and the Abu Yehiel company. The deal values Elbatech at approximately 1.2 billion shekels, with payment made through share allocation. Upon completion, Abu is expected to hold about 55% of TurboGen.

With this transition, TurboGen is moving to a reporting format under Chapter H'3 of the Securities Law, complying with American securities rules. The listing is on the Nasdaq Capital Market, the entry-level tier for smaller companies.

The 5 million dollar capital raise is modest relative to the value reflected in the Elbatech deal, illustrating the company's current stage. The US market tends to price early-stage energy technology more generously than Tel Aviv, which may support the stock price.

Risks remain, as TurboGen is not yet selling in material volumes and is transitioning from development to production. The company ended 2025 with a net loss of approximately 73 million shekels and received a 550,000 shekel penalty from the Securities Authority for misleading use of the term 'order backlog.'

For investors, this remains an investment in a future story based on unmaterialized expectations. The NASDAQ listing opens doors to larger markets, but the real test will be the company's ability to demonstrate a transition from promises to actual revenues over the next two years.

Yaron Gilboa, CEO of TurboGen, stated:

'The listing on NASDAQ is not a finish line but a starting line. It places us in front of investors and customers in our main target market at a time when the world is seeking solutions for reliable, distributed electricity production. This is a moment of immense pride for all our employees, board members, and partners who accompanied us. We continue forward to lead the energy revolution from Israel to the world.'