Monitor for the next F-1 filing that includes audited financial statements, as current documents lack revenue, profit, or balance sheet data needed to assess valuation. The royalty structure with R-Jet could significantly impact future margins depending on turbine development costs.
Executive Summary
Turbogen Ltd. is an Israeli clean energy technology company developing micro turbines for electricity generation. The filing is an amendment to its F-1 registration statement, primarily to include key historical agreements related to share allocation, intellectual property transfer, and royalty arrangements with founding entities. The company has raised capital through convertible loans and private placements since 2022, but no current financial performance data is provided in these documents.
Key Facts
- Turbogen Ltd. is headquartered in Petah Tikva, Israel and develops micro turbines for clean energy generation.
- The company was originally incorporated as Turbo-Gas Clean Energy Co Ltd in 2014 and is now preparing for a US IPO.
- Key historical agreements include a 2018 share allocation with Anglo Turbo, Paris Holdings, Eco Holdings, and R-Jet Engineering.
- R-Jet transferred core turbine technology to Turbogen in exchange for a shareholders' loan of ILS 1.5 million and ongoing royalty rights.
- Royalty terms were amended in 2018 to be performance-based, ranging from 2-4% of revenue depending on development costs, with a potential one-time $5 million buyout option.
- The company has conducted multiple unregistered securities offerings from 2022-2025, raising approximately $5.8 million through convertible loans and private placements.
- Turbogen has no employees and relies on external engineering services for development work.
- The company is subject to Israeli corporate law and will be subject to U.S. securities regulations upon listing.
Financial Impact
The company has raised approximately $5.8 million through private placements and convertible loans from 2022-2025, with the largest single investment being $2.9 million from A.I. Azimuth Capital in April 2025.
Risk Factors
- Lack of financial data in current filing makes fundamental analysis impossible
- Dependence on external engineering partners and lack of employees could delay development
- Complex royalty structure with R-Jet could burden future revenue streams
- Israeli jurisdiction adds geopolitical and regulatory risk for US investors
- Technology development milestones have been delayed (original 2020 target not met)
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| F-1/A Filing (Primary) | 0001213900-26-032145 |
| Document: ea0282666-f1a1_turbogen.htm | 0001213900-26-032145 |
| Document: ea028266601ex10-14.htm | 0001213900-26-032145 |
| Document: ea028266601ex10-15.htm | 0001213900-26-032145 |
| Document: 0001213900-26-032145-index-headers.html | 0001213900-26-032145 |
| Document: 0001213900-26-032145-index.html | 0001213900-26-032145 |
| Document: 0001213900-26-032145.txt | 0001213900-26-032145 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | 3/A | $3.41 | awaiting T+20 | — | $3.41 (+0.15%) |
Oct 5, 2026 22d ago | 6-K | $3.80 | awaiting T+20 | — | $3.41 (−10.13%) |
Oct 5, 2026 22d ago | Press Release | $3.80 | awaiting T+20 | — | $3.41 (−10.13%) |
Oct 1, 2026 26d ago | EFFECT | $3.85 | awaiting T+20 | — | $3.41 (−11.18%) |
Sep 24, 2026 4w ago | 6-K | $3.99 $3.41 | ▼ −14.54% | ▼ −14.12% | $3.41 (−14.41%) |
Sep 24, 2026 4w ago | Press Release | $3.99 $3.41 | ▼ −14.54% | ▼ −14.12% | $3.41 (−14.41%) |
Sep 16, 2026 5w ago | Press Release | $3.71 $3.32 | ▼ −10.53% | ▼ −13.70% | $3.41 (−7.83%) |
Sep 9, 2026 6w ago | 6-K | $4.47 $3.46 | ▼ −22.60% | ▼ −24.72% | $3.41 (−23.60%) |
Aug 31, 2026 8w ago | 6-K | — | awaiting T+20 | — | — |
Aug 31, 2026 8w ago | 3 | — | awaiting T+20 | — | — |
US Market Status
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