Solar company Tigo Energy announced that it has closed a $10 million second round of funding.
The company says its patent-pending Maximizer System can immediately return
up to 20% power from today’s traditionally architected photovoltaic systems through the re-partitioning of system
electronics.
Tigo Energy said operational expenses are also reduced through increased system
reliability, safety enhancements and advanced module-level management
for granular maintenance and warranty service.
The financing round was led by ICV, and joined by all existing investors (Matrix Partners, OVP and Clal Energy). The series B financing adds to an initial $6 million round of funding in May of 2008.
Sam Arditi, CEO of Tigo Energy, said the company’s pipeline is "full and quickly ramping revenue.”
Tigo Energy was recently named by Strategic News Service as a 2009 FireStarter–one of the twelve most promising venture-backed start-ups.
Founded in 2007, Tigo Energy has deployed 18 installations in the United States, Europe and Japan in cooperation with several prominent solar industry leaders.
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