Tigo Energy, a U.S.-based smart solar module technology provider, has secured a $20 million investment in the latest funding round led by Energy Growth Momentum, a U.K.-based investment firm.

The investment will be utilized to enhance its existing products and develop next-generation solutions that maximize returns for photovoltaic consumers, said Tigo Energy in a statement.

Tigo Energy said that it would continue to invest in business and systems process enhancement to support consumers. Tigo systems produce over 1 GWh of solar energy daily, with more than 40,000 installations across more than 100 countries.

Zvi Alon, Chairman and Chief Executive Officer of Tigo Energy, said, “We are excited to have the EG Momentum team’s support, and their working capital will enable us to better serve our current customer base and invest in the future expansion with new customers, new partners, and new projects.”

Tigo provides flexible module-level power electronics with solutions that enhance safety, increase energy production, and decrease the operating costs of solar systems.

According to Tigo Energy, its solutions secured certification with hundreds of inverters from over 15 manufacturers, which provides consumers several options and freedom to select the features they want with inverters of their choice.

John Wilson, Founding Partner at Energy Growth Momentum, said, “We look for talented and experienced management in order to support digital and renewable energy investments that simultaneously increase market value and reduce carbon emissions. The combination of Zvi and Tigo Energy represents such an investment.”

EGM invests $10-15 million of growth capital in proven operational and digital technology that improves the commercial and carbon efficiency of energy assets.

According to Mercom Research, Tigo Energy secured a $20 million investment from a German inverter manufacturer SMA Solar Technology for a 27% stake in 2016. With this deal, SMA also acquired the exclusive rights for worldwide sales of TS4 Retrofit, a product platform for module optimization developed by Tigo Energy, for 30 months.

In 2020, global venture capital and private equity funding in the solar sector stood at $1.2 billion in 41 deals, compared to $1.4 billion in 53 deals in the previous year, according to Mercom’s 2020 Q4 and Annual Solar Funding and M&A Report. There were 102 VC and PE investors that participated in funding deals in 2020, with five involved in multiple rounds.