Solar energy technology leader will leverage $25 million PIUS capital financing facility to further accelerate product development.
SAN FRANCISCO, January 18, 2021 – Insured technology financing pioneer, PIUS announced today that the Company has secured $25 million in funding for Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics). The private placement bond was underwritten by PIUS and will provide Tigo Energy with working capital and growth capital. This is the third round of financing PIUS has secured based on the strength of Tigo’s intellectual property (IP) portfolio. Tigo Energy has more than tripled its revenue since the initial PIUS-insured loan made in February 2018.
“We have recorded significant growth since the first round of financing secured by PIUS, and we are pleased to once again have the option to drive growth though our IP portfolio without diluting equity,” said Zvi Alon, chief executive officer and chairman at Tigo Energy. “The incremental funds from this innovative facility will support new product development and our work to penetrate into new markets as Tigo continues its mission of accelerating the adoption of solar energy worldwide.”
Tigo Energy has led solar innovation with its TS4 Flex MLPE (Module Level Power Electronics) by providing the freedom for customers to choose the features and components for their solar installations. With almost fifteen years of MLPE leadership in the industry, Tigo is continuing to build its portfolio to provide comprehensive hardware and software solutions for discerning solar and storage installers. With the introduction of the Energy Intelligence (EI) Inverter and Battery product lines for residential installers, Tigo has expanded its product portfolio with a focus on ease-of-installation, more efficient system maintenance and management, and increased flexibility for installers, as well as empowering those installers with native integrations of Tigo technology with solar and storage components.
“From our preliminary meeting in late 2017, I was instantly impressed with Tigo Energy’s robust intellectual property portfolio, including proprietary rapid shutdown technology, as well as the company’s tremendous potential for growth in a rapidly developing market,” said Joe Agiato, CEO of PIUS. “The PIUS team has been thrilled to witness the growth Tigo Energy has produced over the past four years, and we look forward to seeing how the company continues to move the solar industry forward with its latest funding.”
PIUS provides a proprietary insurance product for growth-stage technology companies to secure better, more flexible financing options without dilution. PIUS evaluates a company’s intellectual property to insure the value of the loan debt, with cost of capital typically less than 10% overall, including the cost of insurance. PIUS acts as a long-term partner for the borrower, by providing the insurance, bringing the capital source via institutional investors, and continued monitoring for the life of the loan, mitigating loss and offering a complete solution.
PIUS Limited, LLC, offers a proprietary insurance product for growing technology companies, which utilizes a company’s intellectual property (IP) as collateral. By insuring the loan based on its evaluation of a company’s IP, PIUS helps facilitate greater loan amounts at better rates, while transferring the risk from the lender to the insurer. PIUS is a managing general agent (MGA) and provides more complete coverage than other policies through its residual value insurance program. For more information, visit https://piusre.com.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.