Tigo Raises Additional $18 Million Investment
Tigo Energy has announced that it has raised $18 million in
additional financing, bringing the total company funding in excess of $50
million.
Led by Bessemer
Venture Partners, the investment will enable Tigo Energy to accelerate growth,
expand manufacturing and focus on international sales to take advantage of the
strong market demand for Tigo Energy-enabled SmartModules from the industries'
leading PV module brands. Bessemer Venture Partners was joined by all existing
investors to complete the capital infusion. As a result of the investment,
Umesh Padval, a partner in Bessemer's Menlo Park, Calif., office, will join the
Tigo Energy Board of Directors.
"I am excited
about our investment in Tigo Energy," said Padval. "Tigo's strong
execution-oriented team, large market acceptances, robust channel partners and
differentiated products are very impressive and I look forward to partnering
with them as they continue building a successful company."
"Tigo Energy
has a winning solution that has attracted many of the world's largest PV
suppliers," said Lucinda Stewart, Managing Director at OVP. "Tigo
Energy's technology helps customers of solar installations earn the most out of
their investment, and we're pleased to continue to support the company's strong
growth."
The Tigo Energy
Maximizer solution enables owners of PV projects of any size (residential,
commercial or utility scale) to increase financial returns by improving power
production, ensuring peak system up-time and drastically reducing the cost of
operations and maintenance. The technology is now being integrated by module OEMs such as Hanwha SolarOne, UpSolar, and Trina Solar to streamline
installation and reduce system costs.