Tigo Energy, a Los Gatos, Calif.-based developer of technology to increase efficiency of commercial and residential solar installations, has raised $10 million in new VC funding. Inventec Appliances Corp. led the round, and was joined by Clal Energy and return backers Matrix Partners, OVP Venture Partners and ICV. The company has now raised $27 million to date.
Tigo Energy today announced it has raised $10 million in additional capital, bringing the financial backing of the company to more than $27 million.
Inventec Appliances Corporation (TSE: 3367.TW), a leading OEM/ODM electronics manufacturing company, leads the new funding along with Clal Energy, one of Europe’s largest diversified energy groups. Existing investors Matrix Partners, OVP and ICV all participated in the round. Tigo Energy will use proceeds from the financing to expand manufacturing, international sales and logistics capabilities.
Tigo Energy has received strong demand for its Tigo Energy® Maximizer™ Solution since introducing the technology in late 2009. The Maximizer Solution creates smart modules that provide up to a 20 percent increase in energy production, active management capabilities and enhanced safety for utility, commercial and residential photovoltaic (PV) solar arrays.
“We are excited to see Tigo Energy continuously meet aggressive company development and sales milestones,” said 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. We are pleased to be able to play a role in the company’s future success.”
“Tigo Energy is a leading company in its market and a company with committed leadership,” said Avi Fisher, co-CEO of Clal Industries and Vice Chairman of the IDB Group that owns Clal Energy. “The Tigo team has made great progress in product development and sales, and we believe that the company is adding strong value to the PV industry.”
Additionally, Tigo Energy and Inventec Appliances have engaged in a broad manufacturing and logistics agreement aimed at rapidly expanding global supply of Tigo Energy products. Inventec Appliances is well known for producing high-volume electronic products for many of the most visible consumer technology brands.
“Our relationship with Inventec Appliances assures that Tigo Energy can meet the rapidly growing demand for our products in any geography around the world,” said Ron Hadar, COO and President of Tigo Energy. “Our capital efficiency means this round takes us to profitability quickly with very little funding raised. Likewise, our unique design approach and manufacturing partnership bring extraordinary value to our customers while enabling positive product margin. It’s clear our industry can achieve enhanced power harvest, module-level system management and safety without putting small inverters on roofs.”
Since launching the Maximizer solution, Tigo Energy has expanded its distribution channels to include leading companies such as AEE Solar and DC Power in the United States, Enerpoint in Italy, SunConnex in Western Europe and TechnoSun in Spain. For a complete list of regional distributors, visit http://www.tigoenergy.com/distributors.html. The company’s technology has been installed on hundreds of PV systems worldwide including many large-scale commercial projects. Tigo Energy was also recently announced as one of the 10 finalists for the prestigious InterSolar Award for most innovative companies in the photovoltaic market. The company will be exhibiting at InterSolar in Munich Germany June 9-11 (booth A3: 546), PVJapan Yokohama from June 30-July 2 and InterSolar San Francisco from July 13-15.
Tigo Energy has developed its innovative Maximizer technology aimed at accelerating the adoption of today’s photovoltaic components and technologies 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 percent by implementing maximum power point control at the module level, eliminating the impact of underperforming panels on the stronger panels. The Maximizer solution is compatible with all leading PV panels and inverters and offers a 20-year product warranty.
About Tigo Energy
Based in Los Gatos, California, Tigo Energy was founded in 2007 and focuses on applying innovative technologies to the solar PV space. Tigo Energy has offices in the United States, Japan, Germany and Israel and is commercially shipping volume systems in cooperation with most prominent worldwide solar distributors and EPCs. Additional information on Tigo Energy is available at: www.tigoenergy.com.
About Inventec Appliances Corporation
Inventec Appliances Corporation (IAC) is a global leader in smart handheld devices and Internet appliance solutions, specializing in multimedia, broadband and wireless technology convergence. With integrated engineering design and manufacturing capabilities, IAC provides world-renowned ODM customers innovative products and solutions to address the latest high-potential market trend – connected anytime and anywhere. IAC also markets its own brand OKWAP handsets in the Greater China market. Headquartered in Wugu Industrial Park, Taiwan, IAC is traded on the Taiwan Stock Exchange market under ticker symbol 3367.TW. For more information visit: http://www.iac.com.tw