Following in the wake of a group of clean tech investors from California in Israel last week, Tigo Energy, a solar energy company in Israel raises $10m without even trying, according to Globes.
Tigo develops photovoltaic systems optimization solutions, squeezing more energy from your solar energy system; and the financing was secured by Israel Cleantech Ventures Funds.
Despite the economic downturn in the US, sending shockwaves around the world, there appears to be no declining interest in funding companies in the renewable and alternative energy fields. Israel clean technology companies are among those which remain very popular.
Tigo develops photovoltaic systems optimization solutions, and current investors, including the US venture capital funds Matrix Partners and OVP Venture Partners, participated in the round.
Since releasing its first first product, called the Maximizer, Tigo has been valued at more than $20 million. Headquartered in California, Tigo has an R&D center in Kfar Saba, Israel.
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 Maximizer System, is also pleased to announce that “the company’s pipeline is full and quickly ramping revenue.”
A Fire Starter
Due to its promising technology, Tigo Energy has recently been named by Strategic News Service as a 2009 FireStarter – one of the twelve most promising global venture-backed start-ups.
This month, the company will celebrate the first anniversary of the first two successful installations (in Santa Cruz, and Berkeley California) which are showing consistent stability proving the very high reliability of the Tigo Energy Maximizer System.
Founded in 2007, Tigo Energy completed initial funding with a Series A round led by Matrix Partners and OVP, and successfully deployed 18 installations in the United States, Europe and Japan in cooperation with several of the most prominent solar industry leaders.
More on the Maximizer
Encouraged by the success of the initial installations the company is rapidly moving to volume production.
The company’s Maximizer System (patent pending) can immediately return up to 20% power from today’s traditionally architected systems.
As a “CapEx neutral” system, achieved through the re-partitioning of system electronics, the value of increased power generation is available to the system owner in the first year. Operational expenses (cost-of-ownership) are also reduced through increased system reliability, safety enhancements and advanced module-level management for granular maintenance and warranty service.
::Tigo Energy (You’ll notice it’s an Israeli company thanks to the trance music on the website)