Turbogen Fined NIS 550,000 for Misleading Order Book Disclosure

Turbogen, an Israeli company specializing in combined heat and power (CHP) systems based on microturbines running on various fuels including 100% hydrogen, was fined NIS 550,000 by the Israel Securities Authority (ISA) due to inaccurate information in a company presentation. The presentation, published in June 2025 on the ISA website, included a figure labeled "global order backlog and contracts" that cited sales and installations totaling approximately NIS 150 million. However, the ISA found that these financial figures did not meet the official definition of an order backlog, as many agreements were preliminary and cancellable without significant penalties. Following an inquiry, Turbogen clarified in July 2025 that the reported orders represented potential rather than confirmed backlog. The company cooperated with the ISA and agreed to an administrative enforcement arrangement involving the fine. On the day of the announcement, Turbogen's shares fell 6.5% on the Tel Aviv Stock Exchange, valuing the company at NIS 330 million. Separately, businessman Tzachi Abu is attempting to take control of Turbogen by merging his defense company Elbatech's operations into it.