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 Tigo Energy-enabled SmartModules from the industries leading PV module brands. Bessemer Venture Partners was joined by all existing investors to complete the capital infusion. As a result of the investment, Umesh Padval, a partner in Bessemers Menlo Park, Calif., office, will join the Tigo Energy Board of Directors.
I am excited about our investment in Tigo Energy, said Padval. Tigos strong execution-oriented team, large market acceptances, robust channel partners and differentiated products are very impressive and I look forward to partnering with them as they continue building a successful company.
Tigo Energy has a winning solution that has attracted many of the worlds largest PV suppliers, said Lucinda Stewart, Managing Director at OVP. Tigo Energys technology helps customers of solar installations earn the most out of their investment, and were pleased to continue to support the companys strong growth.
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.
PV installers worldwide have rapidly adopted the Tigo Energy solution in both their residential and large-scale commercial offerings. Tigo Energys global market adoption can be attributed to a unique system architecture that delivers all the value of distributed electronics with unmatched efficiency, cost and reliability.
