Turbo Energy S.A. (NASDAQ: TURB) stock surged after winning a $53 million contract for energy storage projects in Spain with 366 MWh capacity. The deal involves over 10 sites and uses AI-based management to cut costs and improve efficiency. CEO Mariano Soria highlighted confidence in Turbo Energy’s storage technology.

The project utilizes Turbo Energy’s SUNBOX Industry system, launched in 2024, offering flexibility for industrial users and supporting Europe’s decarbonization push. The initiative strengthens Turbo Energy’s role in large-scale storage and commitment to cost-efficient clean power. Last week, Turbo Energy signed a deal with Uber Technologies to power its EV fleet in Spain.

Turbo Energy’s shares rose by 535.19% to $17.15 following the contract announcement. ETFs like the Invesco Solar ETF (NYSE: TAN) and iShares Global Clean Energy ETF (NASDAQ: ICLN) also provide exposure to the renewable energy market.

Read more at Yahoo Finance: This Energy Company Just Scored A $53 Million Contract And The Stock Is On Fire