Tigo Energy Inc., a maker of solar panels management technology, expects revenue to increase fivefold by the end of the year and raised funds to expand its production capacity.

Tigo received $10 million from a fund managed by venture capital company Generation Investment Management LLP, the Los Gatos, California-based company said today in a statement.

The company also arranged a $10 million credit line against receivables from Farmington, Connecticut-based Horizon Technology Finance Corp. (HRZN), Jeff Krisa, Tigo’s vice president of marketing and sales, in an interview.

Tigo expects to double revenue every quarter through the end of the year, Krisa said, and will increase its manufacturing capacity from about 10 megawatts-equivalent a month now to 40 megawatts a month by the end of the year.

“All prospects look like we’ll continue to double over the balance of this year, which requires a fairly substantial set of working capital to keep up with that run rate,” he said.

Tigo introduced in July 2009 its Module Maximizer, which increases power output of individual solar panels and collects system performance data.

The $10 million in equity capital came from London-based Generation’s Climate Solutions Fund LP. Tigo’s other backers include Matrix Partners, OVP Venture Partners, Israel Cleantech Ventures and IDB Holding Corp.’s Clal Energy.

Inventec Appliances Corp, a Taiwan-based contract manufacturer, produces the Module Maximizers and is also a Tigo investor.

source: bloomberg

Advertisements