TurboGen completes direct listing on NASDAQ under TRBG

TurboGen, an Israeli company building microturbines that generate both electricity and heat, officially began trading on the Nasdaq Capital Market under the ticker TRBG on August 31, 2026. The direct listing marks the company’s leap from the Tel Aviv Stock Exchange to a US exchange, though the move came without any fresh capital flowing into TurboGen’s coffers.

Unlike a traditional IPO, a direct listing lets existing shareholders sell their stakes on a new exchange without the company issuing new shares. In TurboGen’s case, 2.07 million existing ordinary shares were made available for resale at roughly $4.42 per share, which could generate around $9.14 million for those selling shareholders. TurboGen itself walks away with a Nasdaq ticker and zero new dollars.

A pre-revenue company with a big energy bet

TurboGen was founded in 2014 and currently employs 18 people. The company has not generated any revenue. Over the past 12 months, it reported a net loss of approximately $9.23 million.

TurboGen’s flagship offering is the TG-40, a multifuel microturbine designed for combined heat and power applications. It produces up to 40 kW of electricity and 60 kW of heat simultaneously, targeting buildings with continuous energy demands like offices, hotels, and residential complexes.

In December 2025, the company signed a supplier agreement with an EU-based company, signaling its intent to build out its supply chain ahead of commercialization.

The stock tells a cautious story

On the Tel Aviv Stock Exchange, TurboGen’s shares were trading at NIS 13.22 (approximately $4.42) as of August 20, 2026. That is a steep drop from NIS 23.01, or roughly $7.45, where shares sat on March 10, 2026, representing a decline of roughly 42% in about five months. March 12, 2026 is when TurboGen filed its F-1 registration statement publicly, the formal paperwork required to list shares in the US.

What to watch from here

The supplier agreement signed in December 2025 with an EU-based partner suggests TurboGen is working toward production readiness. TurboGen’s 18-person team limits how fast the company can execute across product development, manufacturing, sales, and regulatory compliance simultaneously. The Nasdaq listing gives TurboGen visibility with a broader investor base and the credibility that comes with meeting US exchange listing requirements.

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