Germanys SMA Solar Technology AG will acquire a 27% stake in the Los Gatos, California-based Tigo Energy, Inc., in a $20 million capital increase deal.
As part of the agreement, SMA has secured for 30 months exclusive rights for worldwide sales of Tigo Energys new TS4 Retrofit product platform for module optimization.
SMA will aslo have a seat on Tigo Energy's board of directors as the two companies cooperate in the areas of research, sales and service.
The strategic partnership gives SMA access to the strongly growing module-level power electronics (MLPE) market, which has an annual market volume estimated at some 700 million. In addition, SMA will deploy the new solution for expanding its data-based business models.
Meanwhile, SMAs managing board confirmed its sales and profits guidance for the 2016 fiscal year. This year the company estimates sales between 950 million and 1.05 billion and a considerable increase in profits to between 80 million and 120 million.
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