Turbo Energy, S.A. provided an update on the financial and operational impact of flash flooding in Valencia, Spain, which occurred in late October 2024. The company confirmed that all employees and their families were safe, and its production systems and supply chain resources remained fully functional. Corporate headquarters also suffered no material damage from the disaster.
However, Turbo Energy's warehousing operations were directly impacted by high flood waters, resulting in approximately $2.3 million worth of legacy product inventory being compromised. This loss represents a direct impact on the company's assets.
The company has completed an assessment with its business insurance carrier and confirmed that 100% of these losses are fully covered. Reimbursement funds are expected within the next 60-90 days, mitigating the financial impact of the inventory damage.
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