Tigo Energy closed a $10 million round in financing, bringing the financial backing of the company to over $27 million.
The company's Tigo Energy® MaximizerTM Solution, introduced late last year, creates modules that provide up to a 20% increase in energy production and enhanced safety for utility, commercial and residential PV solar arrays.
Inventec Appliances Corp, an electronics manufacturer, led the round along with Clal Energy, one of Europe's largest diversified energy groups. Existing investors Matrix Partners, OVP and ICV all participated.
Tigo Energy will use proceeds to expand manufacturing, international sales and logistics capabilities.
"Tigo has met aggressive company development and sales milestones," says Arnold Gia-Shuh Jang, Vice President, Investment and Alliance Management, Inventec Appliances Corporation. "The company's ability to make solar a more affordable, accessible and manageable way to generate electricity has been the key to the popularity of its product offering."
Inventec and Tigo are working together on manufacturing and logistics to quickly expand Tigo's products internationally. Tigo's technology is installed in hundreds of PV systems worldwide including many large-scale commercial projects.
Tigo developed its Maximizer technology, whose purpose is to accelerate the adoption of solar PV, by addressing each of the barriers to adoption. With power electronics and software, the Maximizer Solution boosts the output of solar arrays up to 20% by implementing maximum power point control at the module level, eliminating the impact of underperforming panels on the stronger panels.
Based in Los Gatos, California, Tigo was founded in 2007. The company has offices in the US, Japan, Germany and Israel.
