Having established several partnerships with leading PV module manufacturers for integrated power electronics, Tigo Energy has raised US$18 million in new financing. Led by Bessemer Venture Partners, Tigo Energy will use the funds to expand manufacturing and international sales efforts for its Energy Maximizer product solutions.
Bessemer Venture Partners was also joined in the latest funding round by existing investors. Togo said that that Umesh Padval, a partner in Bessemer's Menlo Park office, would join the Tigo Energy board of directors.
Tigo Energy partners include Trina Solar, Hanwha SolarOne and UpSolar and its Energy Maximizer is said to be certified to be compatible with inverter manufacturers such as SMA, Fronius, Kaco New Energy and PowerOne.