$10 million is the lucky number for two Israeli cleantech companies and Al Gore. Tigo’s Maximizer can add hundreds of hours worth of sun to your utility bill.
A fund that Al Gore’s chaired has already invested $10 million in an Israeli cleantech company – GreenRoad, a company that has a software solution to manage the gas consumption and driving safety of truck fleets. This week, the local business news in Israel is reporting that one of Gore’s funds is investing in another Israeli software-hardware solution, this time Tigo Energy for $10 million. Tigo’s solution helps maximize solar output of photovoltaic installations, promising up to 20 percent in energy efficiency improvements. The news comes hot on the heels of the Google investment in another Israeli solar product: BrightSource.
I’ve interviewed both Tigo (here) and GreenRoad (here) in the past as well as BrightSource. In the recent news, according to Globes, Tigo has raised $10 million in its third financing round, as well as a $10 million credit line from Gore’s Climate Solutions Fund.
Tigo’s COO Ran Hadar told Globes that demand is rising for its products, and that proceeds from the financing round would be used to increase production capacity and the company’s global sales and marketing network.
So far Tigo has raised $40 million and the company expects sales of about $30 million in 2011.
Its main product, “the Maximizer” can boost the power output of photovoltaic (PV) systems from residential size to utility scale systems by up to 20 percent. The company has developed a way to reduce the effects of dust, shade, and clouds on PV performance. Companies working with them report getting about a 15% improved output.
Hadar said: “Israel has 2,000 hours of sunlight a year. Our component turns PV panels into smart panels that add 400 hours of sunlight. This is real news for the industry and it charmed the people at Generation Investment, which decided that it was worthwhile to invest in us.”
To date the company has installed its PV systems at a 600-kilowatt facility in California, at a 500-kilowatt facility at Moshav Tagor in Israel and at other sites around the world.
Read more on Tigo Energy: