Tigo Energy Reaches Key Milestones and Raises $10 Million “B” Round Financing
Los Gatos, CA – May 26, 2009
Source: TigoEnergy.com press release/ PRNewswire
http://sev.prnewswire.com/null/20090526/SF2247626052009-1.html
Tigo Energy, (www.tigoenergy.com), the solar company whose unique technology significantly increases efficiency in photovoltaic solar installations, announced today that it has closed the second round of funding. The $10 million round was led by ICV, and joined by all existing investors (Matrix Partners, OVP and Clal Energy). The series B financing represented a significant premium to Tigo Energy’s first venture round which was funded in May of 2008. Meir Ukeles of ICV has joined the Tigo Board of Directors following the round.
According to Tigo Energy President Ron Hadar, “Particularly given the state of the current financial and venture markets, Tigo Energy’s rapid close of this round shows great confidence by the venture community in our product, progress and people.” Sam Arditi, the CEO of Tigo Energy, who will be on hand at InterSolar in Munich to showcase the Tigo Energy™ Maximizer System, is also pleased to announce that “the company’s pipeline is full and quickly ramping revenue.”
Due to its promising technology, Tigo Energy has recently been named by Strategic News Service as a 2009 FireStarter – one of the twelve most promising global venture-backed start-ups. This month, the company will celebrate the first anniversary of the first two successful installations (in Santa Cruz, and Berkeley California) which are showing consistent stability proving the very high reliability of the Tigo Energy Maximizer System.
Founded in 2007, Tigo Energy completed initial funding with a Series A round led by Matrix Partners and OVP, and successfully deployed 18 installations in the United States, Europe and Japan in cooperation with several of the most prominent solar industry leaders. Encouraged by the success of the initial installations the company is rapidly moving to volume production.
The company’s Maximizer System (patent pending) can immediately return up to 20% power from today’s traditionally architected systems. As a “CapEx neutral” system, achieved through the re-partitioning of system electronics, the value of increased power generation is available to the system owner in the first year. Operational expenses (cost-of-ownership) are also reduced through increased system reliability, safety enhancements and advanced module-level management for granular maintenance and warranty service.