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2008

Tigo Energy Announces $6 Million Funding

Matrix Partners and OVP Venture Partners co-lead investment

Los Gatos, CA – June 3, 2008 – Tigo Energy, a solar company whose technology enables increased efficiency in commercial and residential solar installations, announced today it has raised $6 million in a round co-led by and Matrix Partners and OVP Venture Partners.
“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 Sam Arditi, co-founder and CEO of Tigo Energy.
 
Tigo’s co-founder, President and COO, Ron Hadar, said, “by working with energy service providers, module manufacturers and system integrators, Tigo is mitigating several issues which currently result in sub-optimal solar production on new and existing solar installations.”
 
“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 module 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 and Hadar have extensive senior management experience both as entrepreneurs and within large companies. Arditi was a Vice President at Intel Corporation. Prior to 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 team is rounded out by Earl Powell, an entrepreneur with 35 years of experience in solar technologies, and Stuart Davis, who brings a unique combination of experience in solar and electrical engineering.