Two up-and-coming solar balance-of-system companies have achieved significant milestones in their business plans. Enphase Energy has signed up electronics manufacturing services firm Flextronics to produce its microinverters, while Tigo Energy closed a $10 million Series B round to help fund its PV system maximization offering.
Enphase says the partnership enables it to quickly and reliably scale to meet the growing demand for its products, and Flextronics says the collaboration helps it reach into the quickly growing solar balance-of-systems market.
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“As Enphase continues on its aggressive growth path, it is critical that we align ourselves with world-class partners, enabling us to continue meeting the high level of quality and reliability that our customers have come to expect from us,” said Paul Nahi, CEO of Enphase, which itself recently landed $22.5 million in additional funding. “After a thorough selection process, we have chosen to work with Flextronics for our manufacturing needs. Flextronics was the logical choice due to its emphasis on quality, global reach and excellent logistics capabilities.”
“This partnership allows us to further expand our expertise in the renewable energy field, strengthen our expertise in the solar balance of systems market and partner with a leading and innovative solar technology provider,” said EC Sykes, president of Flextronics, which has experience in PV module and component manufacturing, as well as other CPV and BOS products. “Our global resources and vertical integration capabilities help solar customers achieve rapid deployment, with controlled costs and market-specific expertise.”
Tigo Energy’s funding round was led by ICV, and joined by existing investors Matrix Partners, OVP, and Clal Energy. The company’s first venture round closed in May 2008. Meir Ukeles of ICV has joined the Tigo board following the latest round.
Sam Arditi, CEO of Tigo, said that “the company’s pipeline is full and quickly ramping revenue.” The company’s Maximizer System, which can return up to 20% more power from traditionally architected PV power systems through a repartitioning of system electronics, has been deployed in 18 installations in the United States, Europe, and Japan in cooperation with several of the most prominent solar industry leaders.
