Residential and C&I energy storage provider Turbo Energy has secured a major order from an unnamed industrial group in the construction industry in Spain.
The Nasdaq-listed company announced the 366MWh commercial & industrial (C&I) order today (16 September), sending its share price soaring.
It has been selected to supply and implement energy storage projects in Spain worth approximately US$53 million, for execution over the next two years.
This order is from a “major industrial group in the construction industry,” for deployment at ten different facilities, it said. Turbo will provide turnkey integration of the systems as well as its AI-driven energy management system (EMS) platform.
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The systems will help the factories optimise electricity consumption, enhance operational efficiency, reduce exposure to volatile energy prices and significantly advance the electrification of the unnamed company’s operations.
Interestingly, the press release did not mention the country-wide blackout which occurred on 28 April 2025, which lasted about 10 hours. Commentators have suggested that, among other measures, more large-scale energy storage could help the grid in Spain, as well as individual electricity consumers, mitigate against the risk of future similar events. Pictured above is a battery project that Turbo deployed at a supermarket in Chile, which allowed it to continue operating during a blackout there.
The company’s share price increased as much as 500% today from yesterday’s close, although it is relatively thinly traded. It IPOed on the Nasdaq in 2023, but is based in Spain, where most of its activity is. Most of its manufacturing base is in China.
Spain’s grid-scale energy storage market has also seen much activity since the blackout, although the extent to which a pick-up can be attributed to the blackout rather than simply the long-term development of the market is unclear.
Major grid-scale BESS projects have been progressed by Iberdrola, Galp and Enlight, BW ESS announced 2.2GW plans in the country and EDP and Zelestra agreed what was claimed as the country’s first combined solar-and-storage power purchase agreement (PPA).
