On Monday, Tigo Energy announced it has raised $18 million in a fourth round of venture capital.
The investments, now totaling over $50 million according to the Sacramento Bee, will go to broadening the company’s manufacturing and expanding its international scope with its SmartModule.
The SmartModule technology in which Tigo specializes increases the efficiency of photovoltaic solar arrays. It enables the arrays to create more power, up to 20% more, subsequently increasing financial returns to the consumer.
And as the Sacramento Bee reports, their technology can be used on any sized system: residential, commercial, or even utility-scale.
According to Smart Energy News, a number of solar module producers have begun incorporating this technology into their products. These include Hanwha SolarOne (NASDAQ: HSOL), UpSolar, and Trina Solar (NYSE: TSL).
Bessemer Venture Partners is leading the investments for Tigo Energy’s expansion. Bessemer’s Umesh Padval expressed the company’s optimism to the Sacramento Bee:
“Tigo’s strong execution-oriented team, large market acceptances, robust channel partners and differentiated products are very impressive and I look forward to partnering with them as they continue building a successful company.”
Generation Investment Management, Matrix Partners, and OVP Venture Partners are some of the other investors involved in Tigo’s venture capital.
The expansion of this company’s product could bode well for the solar industry in general, especially as projects begin to succeed without government loan guarantees.
An increase in financial return and product efficiency might be the extra boost the industry needs.
That’s all for now,