Wednesday, April 13, 2011

Hows that Boycott going, btw? Al Gore invests $10m. in Israeli solar energy projects

Read the full article at Jpost

"Tigo Energy Inc. has raised $10 million in its third financing round plus a $10 million credit line from Climate Solutions Fund LP, managed Generation Investment Management LLP, whose chairman is former US Vice President Al Gore. Tigo develops solutions to maximize output by photovoltaic installations.

Tigo CEO Sam Arditi and president and COO Ran Hadar founded the company in 2007. The company is headquartered in Silicon Valley and has a development center in Kfar Saba with 30 employees....

Tigo's product, the Maximizer boosts power output of photovoltaic systems of any size from residential to utility scale by up to 20% by reducing the effects of shade, dust, clouds and uneven temperature on system performance. Israeli engineers developed the technology

Tigo has installed several Maximizer at PV systems worldwide, including at a 600-kilowatt facility in California and at a 500-kilowatt facility at Moshav Tagor in Israel. "We're getting good feedback from the people at Tagor, who say that energy exploitation rose 15%. We have a work plan for the period ahead, which includes installing our product extensively in Israel and other countries," said Hadar.

Hadar said that PV installations were being built at a rate of 10 megawatts a month, including in Europe and Asia, which boost Tigo's growth rate multifold. "Our sales grow 400% per quarter. In addition to the latest investment, we have a solid foundation for further development activity. By the end of the coming year, we'll market solar panels embedded with the Maximizer," said Hadar.

Tigo expects $30 million in sales in 2011."

So, hows that boycott going, btw?

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