TEL AVIV, Israel and LOS GATOS, California, November 11 /PRNewswire/ --
Clal Energy, the energy arm of IDB, Israel's largest and most diversified holding group, has reached a strategic agreement with Tigo Energy (http://www.tigoenergy.com), the solar company whose unique technology significantly increases efficiency in photovoltaic solar installations. The IDB Group has initiatives in the telecommunications, industry, technology, retail, insurance and real estate sectors; which include highly visible brands in each segment. Clal Energy's cooperation with Tigo is proof of confidence in the company's technology and vision.
Dan Vardi, CEO of Clal Energy, explained, In evaluating the Tigo Energy solution, we recognized clear value to many of our initiatives in the renewable energy sector. Our agreement is a natural step forward and reflects our confidence in Tigo's technology and position within the growing solar industry. We are exploring various photovoltaic projects in Israel and elsewhere, and we believe that with Tigo we shall bring more added value to each project.
Sam Arditi, CEO of Tigo Energy, also stated, Clal Energy's collaboration with Tigo Energy is an important development which will enable an acceleration of the deployment of our technology, further reducing the cost of generating solar power.
Clal Energy and Tigo Energy will cooperate to deploy Tigo Energy products and technologies to enhance the energy output across a wide range of renewable energy projects. The initial focus will be to create a new standard of kilo Watt hour (kWh) output efficiencies for large scale photovoltaic solar utility projects. As part of the agreement, Clal Energy acquired a 10% ownership position within Tigo Energy.
Ron Hadar, President of Tigo Energy also views this agreement as a boost to Tigo's ecosystem, as he asserted Our collaboration to deploy the innovative technology across Clal Energy initiatives will be beneficial not only to Clal and Tigo Energy, but also to our network of industry partners.
About Tigo Energy
Tigo Energy has developed a unique technology to maximize energy output per panel. Started in 2007, Tigo completed initial funding with a Series A round led by Matrix Partners and OVP, and successfully deployed alpha installations in Northern California in cooperation with two of the most prominent regional installers.
The IDB Group is Israel's largest and most diversified business group with total assets of approximately US$30 billion. The group holds leading corporations in every key business sector alongside a growing global presence. IDB's subsidiaries are present in over 100 countries worldwide, with total workforce of more than 40,000 employees.
About Clal Energy
Formed by Clal Industries and Investments of the IDB Group (CII) as a wholly owned subsidiary, Clal Energy is a focal point of and growth engine for CII and the IDB group. Clal Energy strives to exploit opportunities in the areas of Private Power Generation, Renewable Energy and Natural Energy Resources.
Clal Energy is also involved in the development and advancement of power stations developed by CII's subsidiaries -- AIPM (TASE, AMEX), Israel's leading manufacturer and distributor of paper and paper products, and Nesher, Israel's sole manufacturer of cement and a dominant force in the country's building materials sector, supplying cement to the domestic market and exporting to the Palestinian Authority.
Ran Rahav of IDB Press Relations, +97237188555, email@example.com; or Margaret Maloney of Tigo Energy Press Relations, +1-917-658-2604, firstname.lastname@example.org