Tigo Energy, a player in the module-level power electronics market, announced a $20 million round of investment, led by Energy Growth Momentum, a U.K.-based investment firm.
Specifics were sparse, but Tigo said that the investment will be used to scale the business and “improve upon existing products and develop next generation solutions that maximize returns for PV customers.”
Chairman and CEO Zvi Alon said in a statement that the capital will “enable us to better serve our current customer base and invest in the future expansion with new customers, new partners and new projects.”
Tigo systems are used across the solar industry in over 40,000 installations in more than 100 countries.
Tigo previously secured a $20 million investment from SMA Solar Technology in 2016 in exchange for offering a 27% stake in the company,and 30 months of exclusive rights for worldwide sales of TS4 Retrofit, a platform developed by Tigo for module optimization.
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