Turbo Energy provides update on impact of flash flooding disaster in Spain

Mariano Soria, CEO, issued a formal update to shareholders on the financial and operational impact of the historical flash flooding disaster that left much of Valencia and surrounding regions in southeastern Spain in ruins in late October 2024. Soria stated: “Torrential rains that fell on October 29 caused flash floods that tragically claimed the lives of more than 200 people, swept away cars and wrecked many homes and businesses. Thankfully, all Turbo Energy (TURB) employees and their families affected by the storm are safe and accounted for and our production systems and supply chain resources largely escaped harm and remained fully functional. However, while our corporate headquarters suffered no material damage, Turbo Energy’s warehousing was directly impacted by high flood waters and a portion of our legacy product inventory, valued at approximately $2.3 million, was compromised. In collaboration with our business insurance carrier, we have completed an assessment of the impact of the storm on our warehousing operations and have confirmed that 100% of the losses are fully covered, with reimbursement funds expected within the next 60-90 days. There are no words to adequately express our deepest gratitude to the Turbo Energy team for their help with the clean-up and restoration of our facility, not to mention the time and energy that our employees personally committed to aiding our local community in the recovery effort. As our families come together to celebrate the holidays, our thoughts and prayers remain with those who suffered losses of loved ones in this natural disaster. Today, Turbo Energy is stronger than ever and looking forward to what we believe will be a pivotal year of growth and geographic expansion for our Company in 2025. Moreover, as we continue to execute our plan to perpetuate our reputation as a globally respected pioneer of leading edge solar energy storage technologies and solutions for the residential, commercial and industrial markets worldwide, we believe the future outlook for Turbo Energy remains incredibly bright and promising.”