Tigo Energy has raised $10 million in equity capital and secured an accounts receivable line for up to an additional $10 million.
The company’s technology maximizes performance of solar PV systems.
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.
PV system developers and owners also benefit from Tigo Energy’s comprehensive panel-level monitoring and analytics, along with advanced safety features.
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.
Tigo says demand for its products has doubled each of the past four quarters and expects that to continue throughout this year. To meet the demand, Tigo’s monthly output has grown to 10 megawatts (MW).
"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."
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