TurboGen fined 550,000 NIS following incorrect order backlog report

TurboGen was fined 550,000 NIS in an administrative enforcement agreement with the Israel Securities Authority due to incorrect information provided in a company presentation. The company's stock fell today on the Tel Aviv Stock Exchange by 6.5%, to a market capitalization of 330,000,000 NIS.

TurboGen operates in the development of CHP (combined heat and power) systems based on micro-turbines that run on various fuels, including 100% hydrogen. These systems are designed for local electricity and heat production in buildings, as well as for mobile platforms in the defense and civilian markets. Notably, Tzahi Abu is currently attempting to take over the company by injecting the activity of his defense firm, Elbatech, into TurboGen.

The presentation in question was published in June 2025 on the MAYA website. Under the heading 'Updates and Developments', the company included figures for a 'Global order backlog and contracts', referring to system sales of approximately 20,000,000 NIS and installations totaling approximately 130,000,000 NIS.

Following an inquiry by the Authority, TurboGen acknowledged that these figures did not constitute an 'order backlog' as defined by regulations, as the agreements—some of which were preliminary—allowed for cancellation without significant compensation. In July 2025, the company published a clarification and a revised presentation, specifying that the orders were merely potential. Following negotiations, the company agreed to pay a monetary sanction of 550,000 NIS.