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Tigo Energy, maker of the SmartModuletechnology for photovoltaic (PV) solar installations, announced that it has raised $18 million in additional financing, bringing the total company funding in excess of $50 million. Led by Bessemer Venture Partners, the investment will enable Tigo Energy to accelerate growth, expand manufacturing and focus on international sales. Bessemer Venture Partners was joined by all existing investors to complete the capital infusion. As a result of the investment, Umesh Padval, a partner in Bessemer’s Menlo Park, Calif., office, will join the Tigo Energy Board of Directors.

The company states that the Tigo Energy Maximizer solution enables owners of PV projects of any size (residential, commercial or utility scale) to potentially increase financial returns by improving power production, ensuring peak system up-time and reducing the cost of operations and maintenance. The technology is now being integrated by module OEMs such as Hanwha SolarOne, UpSolar, and Trina Solar to streamline installation and reduce system costs. The Tigo Energy system provides many of the benefits of micro-inverters without placing expensive electronics underneath PV modules. The Tigo Energy Maximizer is also certified to be compatible by inverter manufacturers such as Kaco New Energy, SMA, Fronius and PowerOne.