Tigo Energy, which provides solutions for making solar energy installations, has completed a first fund raising round of $6 million. The round was led by Matrix Partners and OVP Venture Partners. Tigo is developing hardware and software solutions to make solar energy collection by solar panels more efficient. Photo-voltaic cells for collecting energy and converting it to electricity are generally based on silicon, which is also used to make semiconductors. The know-how about the materials comes from the two Israeli entrepreneurs at the company, CEO Sam Arditi and COO Ron Hadar.
“This investment will allow us to deliver lower cost of ownership and increased output power on solar installations, resulting in faster return on investment for our customers,” said Arditi.
“Tigo is seizing a big opportunity and has a uniquely qualified founding team,” said OVP Venture Partner’s Managing Director John Hull, who will join Tigo’s board of directors. “Most solar panel installations today operate significantly below their rated output because of a variety of system issues. Tigo’s potential lies in its ability to dramatically increase this efficiency.”
“We are very pleased to be helping to build such an exciting company,” said Shirish Sathaye, General Partner at Matrix Partners. “The founding team is very strong and has the experience and focus to do what they’ve set out to do.”
Arditi was a vice president at Intel Corporation. Before joining Intel, he founded CTP Systems, a satellite and wireless systems company that merged with DSPC (Nasdaq: DSPC) and was then acquired by Intel in one of the largest cash acquisitions in Intel’s history. Hadar founded Tenta Technology and served as CEO until its acquisition by MKS Instruments (Nasdaq: MKSI), where he then served as vice president.
The rest of the management team comprises Earl Powell, an entrepreneur with 35 years of experience in solar technologies, and Stuart Davis, who has a combination of experience in solar and electrical engineering.
Published by Globes [online], Israel business news - www.globes.co.il - on June 5, 2008
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