Turbo Energy Aims to ‘Set the Record Straight' with Lawsuit Filed Against China-Based Sigenergy, Claiming False Advertising Regarding “World's First 5-1 Energy Storage System”

VALENCIA, Spain, March 26, 2025 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (NASDAQ:TURB) (“Turbo Energy” or the “Company”), a global provider of leading-edge, AI-optimized solar energy storage technologies and solutions, today announced that it has filed a lawsuit in the Mercantile Court of Madrid in the Kingdom of Spain against Sigenergy International S.L. in an action for the cessation and rectification of illegal advertising relating to its baseless claim that its product marketed as SigenStor is the “world’s first highly integrated 5-in-1 energy storage system.” On June 12, 2023, China-based Sigenergy announced that it was “set to astound the world with its all-scenario energy solution, featuring the world’s first highly integrated 5-in-1 energy storage system,” at the EES Europe industry conference which was held in Munich, Germany that same week. Over the next year, Sigenergy followed with the implementation of a multi-channel promotional campaign, routinely broadcasting its claim to be the “world’s first…” on YouTube, its social media sites, its website and website blog and at industry trade show and conferences. By way of the lawsuit, Turbo Energy is alleging that Sigenergy’s promotional statements were blatantly false and misleading, particularly in light of the fact that Turbo Energy has been marketing its patented SUNBOX EV product, a highly integrated, all-in-one energy storage system, since its announced launch on April 22, 2022 and its official debut at the InterSolar Europe industry event held in Europe on May 11-13, 2022 – more than one year ahead of the introduction of SigenStor. Mariano Soria, Chief Executive Officer of Turbo Energy, stated, “While it is our belief that Turbo Energy’s SUNBOX EV may indeed be the world’s first all-in-one energy storage innovation, we know for a fact that Sigenergy’s competing product, SigenStor, is not. Therefore, we have filed this lawsuit with the objective of compelling Sigenergy to set the record straight by first acknowledging that the promotional statements they have made were unlawful and misleading, by publishing formal corrections in the press and on their website and by agreeing to refrain from continuing its unlawful advertising practices in the future.” Continuing, Soria said, “Turbo Energy is a global company defined, guided and inspired by our pioneering spirit, technological innovation and deeply embedded core values. Further, we recognize that we have chosen to pursue leadership in one of the fastest growing sectors of the sustainable energy industry – solar energy storage solutions -- which has attracted a wide range of competitors to the space. Turbo Energy actually welcomes competitive pressure, because it serves to challenge us to be that much better and to reach further, faster. What we don’t appreciate – and will not stand for -- are competitors who elect to use deceptive advertising practices to misinform and mislead the customers we are all out there competing to win.” About Turbo Energy, S.A. Founded in 2013, Turbo Energy is a globally recognized pioneer of proprietary solar energy storage technologies and solutions managed through Artificial Intelligence. Turbo Energy’s elegant all-in-one and scalable, modular energy storage systems empower residential, commercial and industrial users expanding across Europe, North America and South America to materially reduce dependence on traditional energy sources, helping to lower electricity costs, provide peak shaving and uninterruptible power supply and realize a more sustainable, energy-efficient future. A testament to the Company’s commitment to innovation and industry disruption, Turbo Energy’s introduction of its flagship SUNBOX represents one of the world’s first high performance, competitively priced, all-in-one home solar energy storage systems, which also incorporates patented EV charging capability and powerful AI processes to optimize solar energy management. Turbo Energy is a proud subsidiary of publicly traded Umbrella Global Energy, S.A., a vertically integrated, global collective of solar energy-focused companies. For more information, please visit www.turbo-e.com. Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and annual report under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. For more information, please contact: At Turbo Energy, S.A. Dodi Handy, Director of Communications Phone: 407-960-4636 Email: dodihandy@turbo-e.com

Turbo Energy Aims to ‘Set the Record Straight' with Lawsuit Filed Against China-Based Sigenergy, Claiming False Advertising Regarding “World's First 5-1 Energy Storage System”

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