Tigo Energy, a Los Gatos, CA-based provider of products that deliver more power, active management, and enhanced safety from utility, commercial, and residential photovoltaic solar arrays, has raised a $10m funding.
The round was co-led by Inventec Appliances Corporation, an OEM/ODM electronics manufacturing company, and Clal Energy, an Europe-based diversified energy group, with participation from existing hshareholders Matrix Partners, OVP and ICV.
It brings the total amount the company has raised in venture capital to date to over $27m
The new capital infusion will enable the company to expand its logistics, manufacturing, and international sales infrastructure. Tigo Energy currently operates offices in Japan, Germany and Israel.
In conjunction with the investment deal, the company and Inventec Appliances have signed a manufacturing and logistics agreement aimed at expanding global supply of Tigo Energy products. Since launching its flagship product in 2009 the Maximizer solution, the company has expanded its distribution channels to include AEE Solar and DC Power in the United States, Enerpoint in Italy, SunConnex in Western Europe and TechnoSun in Spain. With power electronics and software, the Maximizer Solution increase the output of solar arrays up to 20% by implementing maximum power point control at the module level. It is compatible with all PV panels and inverters.
FinSMEs
09/06/2010