Tigo Energy, which makes SmartModule technology for PV solar installations, raised $18 million in financing, to expand manufacturing and grow international sales.
December 12, 2011 — Tigo Energy, which makes SmartModule technology for photovoltaic (PV) solar installations, raised $18 million in financing, to bring its total funding above $50 million. Tigo Energy will use the funds to expand manufacturing and grow international sales to leading PV module brands.
The investment round was led by Bessemer Venture Partners, joined by all existing investors. As a result of the investment, Umesh Padval, a partner in Bessemer?s Menlo Park, CA, office, will join the Tigo Energy Board of Directors.
Padval noted Tigo’s channel partners as a reason for investment, along with staff and product confidence. Channel partners include SCHOTT Solar, Hanwha SolarOne, UpSolar, and Trina Solar, among others. For example, SCHOTT Solar ensured compatibility between the Tigo Energy Maximizer Solution and SCHOTT?s PV modules. Tigo Energy’s “winning solution” has attracted “the world?s largest PV suppliers,” agreed Lucinda Stewart, managing director at OVP. Inverter suppliers like Kaco New Energy, SMA, Fronius and PowerOne have formed compatibility partnerships with Tigo.
The Tigo Energy Maximizer solution is used on PV projects (residential, commercial, or utility-scale installations) to improve power production, ensure peak system up-time, and reduce operation and maintenance (O&M) costs. It does all the same tasks as a micro-inverter without placing expensive electronics underneath PV modules.
Tigo Energy focuses on applying innovative technologies to the solar PV space. Additional information on Tigo Energy is available at www.tigoenergy.com.