Tigo Energy, Inc. ("Tigo", or the "Company"), a leading provider of intelligent solar and energy storage solutions, has signed a definitive agreement with L1 Energy for the purchase of $50 million of newly issued Convertible Notes (the “Notes”) to support the Company's future growth opportunities through the deployment of its intelligent solar and energy storage solutions and repayment of existing debt. The transaction closed concurrently with signing.
The Notes bear a fixed annual interest rate of 5.0% with a maturity date of 36 months. The Notes may be converted at the option of the investor into shares of Tigo common stock or an equivalent equity instrument created as a result of a Public Company Event, which includes a merger with a Special Purpose Acquisition Company. The conversion price is based on a pre-money valuation of $550 million, excluding the shares issuable in the respect of the Notes and any such applicable shares issued associated with a Public Company Event.
“We look forward to deploying this capital to further our mission of providing critical solar solutions that optimize safety, yield and costs,” said Zvi Alon, Chairman and CEO of Tigo. “This investment, coupled with anticipated proceeds from our business combination with Roth CH Acquisition IV Co., puts us in a position of strength as we look towards entering the public markets and continuing our robust growth trajectory.”
On December 6, 2022, Tigo and Roth CH Acquisition IV Co. (NASDAQ: ROCG)(“ROCG”) announced a business combination agreement that is expected to result in Tigo becoming a public company. Upon closing of the transaction, subject to approval by ROCG stockholders and other customary requirements, the combined company will be named “Tigo Energy, Inc.” and is expected to list on NASDAQ under the ticker symbol “TYGO”. The transaction is expected to close in the second quarter of 2023.
About Tigo Energy, Inc.
Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.