Tigo Energy, a solar start-up whose unique technology significantly increases efficiency in photovoltaic solar installations, announced today that it has closed its Series B round of funding.
The $10 million round was led by Israel Cleantech Ventures and joined by all existing investors (Matrix Partners, OVP and Clal Energy). The series B financing represented a significant premium to Tigo Energy’s $6 million Series A venture round in May of 2008.
Meir Ukeles of Israel Cleantech Ventures has joined the Tigo Board of Directors following the round. In January, Tigo Energy added three cleantech industry veterans to its board of advisers.
According to Tigo Energy President Ron Hadar, “Particularly given the state of the current financial and venture markets, Tigo Energy’s rapid close of this round shows great confidence by the venture community in our product, progress and people.”
Sam Arditi, the CEO of Tigo Energy, who will be on hand at InterSolar in Munich to showcase the Tigo Energy(TM) Maximizer System, is also pleased to announce that “the company’s pipeline is full and quickly ramping revenue.”
Founded in 2007, Tigo Energy has successfully deployed 18 installations in the United States, Europe and Japan. The company claims to now be rapidly moving to volume production.
Based in Los Gatos, California, in October 2008 Tigo Energy announced the opening of an office in Kfar Saba, Israel, that will focus on the company’s engineering activities. Mordechay (Modi) Avrutsky heads Tigo Energy’s Israel operation and serves as Vice President of Engineering.
More information about Tigo Energy’s technology and business plan is available online in this presentation by the company. Gunther Porfolio discusses the company’s technology in this recent post.