- Category: Finance
12 Dec 2011
- Published on Monday, 12 December 2011 18:38
- Hits (3280)
A California-based company which makes electronics that can improve how solar panels convert sunlight into energy by as much as 20 percent raised $18 million in its fourth financing round as it expands manufacturing and international sales. Tigo Energy makes power optimizers about the size of a computer modem which are installed on the back of each solar panel in an array. A single device, called a maximizer management unit, calculates the optimal performance of the solar array and "tunes" each panel to achieve it. Proceeds from the series D could support Tigo's current partnerships with companies that have agreed to install its device into their solar products. In October, the company announced that Trina Solar, the fourth largest solar panel company worldwide, Hanwha Solar and Upsolar will offer Tigo-optimized solar panels, broadening the company's reach in the market more quickly. The system has versions for utility, commercial and residential solar installations.
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