Tigo Energy has secured investment of up to US$20 million to help expand its manufacturing, international sales and logistics divisions and meet rising demand for its Maximizer Management Unit. An initial payment of US$10 million in equity capital will be provided by Generation Investment Management LLP’s Climate Solutions Fund, LP, while Tigo has also put in place an additional accounts receivable line of up US$10 million.
“By raising harvest efficiency and lowering operation and maintenance costs, we are accelerating the path to grid parity,” Tigo Chief Operating Officer Ron Hadar said. “As Tigo Energy’s volume grows, we expect to deliver this value with very little incremental system cost.”
The Maximizer raises the output of solar arrays by implementing maximum power point control at the module level. And its popularity with customers worldwide has seen demand for the product double in each of the last four quarters; monthly production output now stands at 10MW.
“Tigo Energy is a prime example of a company with innovative technology aimed at accelerating the adoption of PV solar use to support the transition to a low carbon economy,” said Generation Investment Management’s David Blood.
“Tigo Energy is an integral part of our product offering for our customers. We offer it as a recommended option to help our customers get the most from their investment,” REC Solar vice president Josh Price said.