Note: This is NOT an IPO. This is a NASDAQ Direct Listing under the proposed symbol “TRBG” – according to the prospectus. TurboGen’s stock trades on the Tel Aviv Stock Exchange, Ltd. (TASE) under the symbol “TURB” – and its last reported sale price on March 10, 2026, was NIS 23.01, or approximately $7.45 per share, based on the exchange rate reported by the Bank of Israel on that date.

TurboGen, based in Israel, was founded in 2014 to technologically address the threat of climate change and the lack of grid capacity.

We develop combined heat and power (CHP) systems based on multifuel microturbines. These microturbines are used for local electricity, energy, and heat production.

Upon completion of our research and development, we will transition to manufacturing and installing our first developed microturbine system, the TG-40, which produces up to 40 kilowatts, or KW, of electrical energy and up to 60 KW of heat. We are designing the TG-40 prototype to be highly efficient at producing energy. We are currently developing the TG-40 for the purpose of lowering production, assembly, and maintenance costs, which will enable us to increase the number of potential installation sites, in part due to its low weight and agile modularity, compared to existing solutions in the 40 KW to 1 megawatt, or MW, range. In addition to the TG-40, we are in the process of negotiations with one  European Union-based company and one United States-based company for research and development stage of a range of technologies related to CHP systems, including a smaller and larger scale version of the TG-40, unit sizes, 23 KW for mobile systems, 32 KW and 80 KW for in building installation. In December 2025, we entered into a supplier agreement with a European Union-based company for the planned production of our microturbine systems. As of the date of this Prospectus, we have placed an order to buy twelve systems, into which we expect to integrate our proprietary technology, and anticipate continuing to place purchase orders to support system demand over the next 12 months, subject to successful installations.

As of the date of this Prospectus, we are a development stage company that possesses production capacity intended solely for demonstration purposes.

We believe that our microturbine technology can address four main interconnected challenges: the increasing difficulty in maintaining legacy energy infrastructures, including electrical transmission grids; the increasing demand for electricity, the rising importance in highly energy-intensive infrastructure projects such as building, small server farms or small data centers and maintaining their operational resiliency, and the increasing electrification of power sources; the demand for cost efficiency in energy sources; and the reduction of carbon emissions.

We expect to market and sell our microturbines to owners and developers of building clusters, such as office buildings, housing developments, hospitality buildings, “off-grid consumers,” and server farms. Our primary target markets are those that possess advanced natural gas grids, such as the United States and countries in the European Union.

We aim to become a global leader in the field of local generation of energy, electricity, and heat, as well as in the management of comprehensive energy resources, or EMS. Our systems are designed to incorporate natural gas, landfill gas, diesel and hydrogen in varying compositions to produce energy. We anticipate commercial deployment of our TG-40 systems by the end of 2026.

We intend to continue differentiating our products by leveraging our multi-fuel combustion capabilities, high-efficiency turbine and compressor units, enhanced modularity, relatively low weight, and reduced operation and maintenance costs. We are offering an Energy-as-a-Service, or EaaS model, under which customers enter long-term agreements to purchase the electricity and heat our systems generate with little to no upfront cost, or, alternatively, may purchase an installed unit at full cost along with a service contract.

Additionally, we plan to offer on-demand integration of our products with existing off-the-shelf market solutions, such as energy storage, heat storage enabling the deployment of a localized micro-grid. This will include comprehensive energy management capabilities that cover both electricity and heat supply to a designated area from multiple sources. Furthermore, in addition to the EAAS business model, we plan to explore the possibility of offering our customers a model of purchasing systems with full customer financing.

Note: Net loss is in U.S. dollars for the 12 months that ended June 30, 2025.

Note: TurboGen is a development-stage company. It has not generated any revenue.

(Note: TurboGen Ltd. is planning a NASDAQ Direct Listing, according to its S-1 filing dated March 12, 2026. The offering would consist of up to 3.06 million shares – price to be determined. TurboGen’s stock last traded at the equivalent of US$7.45 per share on the Tel Aviv Stock Exchange (TASE), according to the prospectus. That price is used in this IPO Profile just for illustration purposes to give an estimate of the offering’s size. TurboGen did NOT name a financial adviser in its S-1 filing, which is unusual.)