The Solar Smart Module and Optimizer Leader Tigo Energy® Completes Financing Round, Elects Zvi Alon as Chairman
Mr. Alon joins the Tigo Energy board with more than 30 years of experience as a senior executive in technology and service organizations, primarily in telecommunications.
LOS GATOS, California, May 7, 2013 – Tigo Energy, the market leader in smart modules and optimizers for photovoltaic (PV) solar installations, today announced that the company has appointed Zvi Alon as Chairman of the Board and finalized a round of funding led by Alon Ventures.
Mr. Alon joins the Tigo Energy board with more than 30 years of experience as a senior executive in technology and service organizations, primarily in telecommunications. Prior to Tigo Energy, Mr. Alon founded several companies, 2 of which made the public market - IPO - NetManage and NetVision. Along with several investment activities in high tech and clean tech, Mr. Alon is a limited partner and advisor to various Venture Capital Groups.
"Our due diligence with Tigo Energy convinced us that smart modules and optimizers powered by Tigo Energy represent a unique and exciting opportunity," said Zvi Alon, CEO of Alon Ventures. "Tigo Energy's superior implementation of patented technology, growing installed base, gross margin profitability across their product lines and integration with tier-1 module manufacturers more than satisfies all of our investment requirements."
With the highest independent optimizer market share in California, Japan and other geographies, Tigo Energy smart modules and optimizers are successfully installing in all market segments from residential to 4MW utility scale projects.
Tigo Energy also recently announced that there will be a major product release at Intersolar Munich.
"We have worked hard on making installations dramatically easier for new and retrofit projects, allowing our customers to more than double their installations last year" said Sam Arditi, CEO of Tigo Energy. "Mr. Alon's experience and guidance will be a critical part in our future growth and will help us extract the most from the substantial opportunities ahead of us."
Learn about Tigo Energy's recent ROI, O&M and Safety improvement success stories at www.tigoenergy.com/case-studies
About Tigo Energy
Tigo Energy provides the #1 solar optimizer and SmartModuleTM technology utilizing patented impedance matching technology enabling 25% more power density and efficiency on roof or utility projects, uneven string lengths and different orientations. Installers and system owners achieve the highest ROI by increasing energy production and reducing BOS costs for new systems and retrofits. Tigo Energy is the leader with the largest number of pure optimizers installed worldwide supporting and qualified by the largest number of inverter manufacturers. Headquartered in the Silicon Valley, Tigo Energy is an innovative force partnering with module, inverter and combiner box manufacturers to embed these technologies and monitor arcing, fire and safety hazards. Tigo Energy delivers the most effective theft prevention and fleet management.