Tigo Energy raises $20m to bolster customer experience, fund market expansion
Tigo Energy, the worldwide leader in Flex-MLPE (Module Level Power Electronics), announced a $20 million round of investment, led by Energy Growth Momentum. Tigo will continue to invest in the personnel, systems and business process improvement to market and support this breadth of customers.
Zvi Alon, Chairman and CEO, Tigo Energy: “2020 has been a breakout year for Tigo and 2021 has the potential for even greater success. We are excited to have the EG Momentum team’s support and their working capital will enable us to better serve our current customer base and invest in the future expansion with new customers, new partners and new projects.”
The investment will be used to improve upon existing products and develop next generation solutions that maximize returns for PV customers. A portion of the new funds will be used to efficiently and effectively scale. Tigo’s growth has accelerated significantly recently as the company’s products have reached more customer segments and countries throughout the world. With over 40,000 installations in over 100 countries on all 7 continents, Tigo systems generate more than 1 GWh of daily solar production. Tigo’s solutions are deployed in solar energy generators ranging from single kilowatt residential solar installations to multi-megawatt utility scale sites, roof-top, ground mount and floating systems.
Tigo’s products are certified globally. A major differentiator is the UL-system-certification focus. Tigo’s solutions secured certification with hundreds of inverters from more than 15 manufacturers, giving customers significantly more options than any other company in the industry. This UL certification is part of Tigo’s multivendor initiative providing customers with the freedom to choose the features they want with the inverter they want.
John Wilson, Founding Partner, Energy Growth Momentum: “We look for talented and experienced management in order to support digital and renewable energy investments that simultaneously increase market value and reduce carbon emissions. And the combination of Zvi and Tigo Energy represents just such an investment.”
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