LOS GATOS, Calif., April 12, 2011 /PRNewswire/ -- Tigo Energy®, the market leader in DC output maximization for photovoltaic (PV) solar installations, today announced it has raised $10 million in equity capital and secured an accounts receivable line for up to an additional $10 million. The Climate Solutions Fund, LP, managed by Generation Investment Management LLP, provided the equity funding and joins Matrix Partners, OVP, ICV, Clal Energy and IAC as investors in the Company. Tigo Energy will use proceeds from the new financing to expand manufacturing, international sales and logistics capabilities to meet the rapidly growing global demand for the Tigo Energy® Maximizer™ system.
The Tigo Energy Solution enables owners of PV projects of any size (residential, commercial or utility scale) to increase power production by reducing the effects of shade, dust, clouds and uneven temperature on system performance. Tigo Energy also delivers accurate data and analysis (at the module level) to keep long-term system operations at peak performance while enhancing safety of rooftop PV systems. Tigo Energy's low part-count, unsurpassed efficiency and high reliability bring the benefits of distributed electronics to PV system owners in a more cost effective manner than deploying micro-inverters.
"Our investors recognize that distributed PV electronics has emerged as an exciting new market segment, and Tigo Energy's Maximizer technology is helping take PV solar arrays to new levels of efficiency, productivity, safety and manageability," said Sam Arditi, Tigo Energy CEO.
"Tigo Energy is a prime example of a company with innovative technology aimed at accelerating the adoption of PV solar use to support the transition to a low carbon economy," said David Blood, one of the co-founders of Generation Investment Management.
PV installers worldwide have adopted the Tigo Energy solution on new installations and to retrofit existing sites that are underperforming. In response to the sharp rise in demand, Tigo Energy's monthly output has grown to 10 megawatts. Demand for Tigo Energy products has doubled each of the past four quarters and is projected to do so throughout this year.
"Tigo Energy is an integral part of our product offering for our customers. We offer it as a recommended option to help our customers get the most from their investment," said Josh Price, Vice President, REC Solar.
"By raising harvest efficiency and lowering operation and maintenance costs, we are accelerating the path to grid parity," said Ron Hadar, Tigo Energy COO. "As Tigo Energy's volume grows, we expect to deliver this value with very little incremental system cost."
With power electronics and software, the Tigo Energy Maximizer Solution boosts the output of solar arrays by implementing maximum power point control at the module level. PV system developers and owners also benefit from Tigo Energy's comprehensive panel-level monitoring and analytics, along with advanced safety features. Tigo Energy products are available in high volume and solutions have been installed across North America, Europe, Middle East, Japan and Asia.
About Tigo Energy
Based in California's Silicon Valley, 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, France, Italy, China 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 Generation Investment Management
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 by Al Gore and David Blood. Generation aims to invest in high quality companies at attractive prices that will deliver superior long-term investment returns. Sustainability research plays an important role in forming its views on the quality of the business, the quality of management and valuation. Generation Investment Management LLP has offices in New York, Sydney, and London; and is authorized and regulated in the United Kingdom by the Financial Services Authority.
SOURCE Tigo Energy