Inventec Appliances and Clal Energy have joined Matrix Partners, OVP and ICV in the latest financing round for Tigo Energy, bringing the round’s capital raised to $10 million dollars, which pushes the financial backing of the company to over $27 million. Tigo plans to put the proceeds towards financing for the expansion of manufacturing, international sales and logistic capabilities.
“Our relationship with Inventec Appliances assures that Tigo Energy can meet the rapidly growing demand for our products in any geography around the world,” said Ron Hadar, COO and president of Tigo Energy. “Our capital efficiency means this round takes us to profitability quickly with very little funding raised. Likewise, our unique design approach and manufacturing partnership bring extraordinary value to our customers while enabling positive product margin. It’s clear our industry can achieve enhanced power harvest, module-level system management and safety without putting small inverters on roofs.”
In addition to Inventec’s participation in this financing round, the companies have entered into a broad manufacturing and logistics agreement for the expansion of the Global Supply in Tigo products. Tigo’s distribution channels have increased to include companies such as AEE Solar, DC Power, Enerpoint, SunConnex and TechnoSun.