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Bethel Finance news:
Photovoltaic (PV) optimizing company Tigo Energy, Inc., has announced that it raised $18 million in a new financing round, bringing total company funding to over $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 SmartModules products from the leading PV module brands. Bessemer Venture Partners was joined by US funds: Matrix Partners, Generation Investment Management LLC, and OVP Venture Partners. Bessemer partner Umesh Padval 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, strong customer traction, robust channel partners and differentiated products are very impressive, and I look forward to partnering with them as they continue building a successful company.”
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 leading module OEMs such as Hanwha SolarOne, UpSolar, and Trina Solar to streamline installation and reduce system costs.
The Tigo Energy system provides all the benefits of micro-inverters without placing expensive electronics underneath PV modulesdelivering a more cost effective, efficient and reliable system. The Tigo Energy Maximizer is also certified to be compatible by top inverter manufacturers such as Kaco New Energy, SMA, Fronius and PowerOne.
Tigo CEO Sam Arditi and president and COO Ran Hadar founded the company in 2007. The company is headquartered in Silicon Valley and has a development center in Kfar Saba with 30 employees.
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