“We look ahead to deploying this capital to proceed our mission of offering important photo voltaic options that optimize security, yield and price,” stated Zvi Alon, Chairman and CEO of Tigo. “This funding, mixed with the anticipated income from our enterprise mixture with Roth CH Acquisition IV Co., places us in a powerful place as we glance to enter the general public markets and proceed our sturdy growth path.”
Tigo Vitality, Inc. (“Tigo”, or the “Firm”), a number one supplier of clever photo voltaic and vitality storage options, has signed a definitive settlement with L1 Vitality for the acquisition of $50 million in newly issued Convertible Notes (the “”Notes”) to assist the Firm’s future progress alternatives by deploying good photo voltaic and vitality storage options and repaying present debt. The transaction was closed with the signing .
The Notes bear a set annual rate of interest of 5.0% with a maturity date of 36 months. The Notes could also be transformed on the investor’s choice into shares of Tigo widespread inventory or an equal fairness instrument created on account of a Public Firm Occasion, which features a merger with a Particular Goal Acquisition Firm. The conversion value relies on a pre-money valuation of $550 million, excluding shares issuable in respect of the Notes and any relevant shares issued in reference to an Occasion of Public Firm.
“We look ahead to deploying this capital to proceed our mission of offering important photo voltaic options that optimize security, yield and price,” stated Zvi Alon, Chairman and CEO of Tigo. “This funding, mixed with the anticipated income from our enterprise mixture with Roth CH Acquisition IV Co., places us in a powerful place as we glance to enter the general public markets and proceed our sturdy growth path.”
On December 6, 2022, Tigo and Roth CH Acquisition IV Co. (NASDAQ: ROCG)(“ROCG”) introduced a enterprise mixture settlement that’s anticipated to end in Tigo turning into a public firm. Upon closing of the transaction, topic to ROCG stockholder approval and different customary necessities, the mixed firm shall be referred to as “Tigo Vitality, Inc.” and is anticipated to be listed on NASDAQ underneath the ticker image “TYGO”. The transaction is anticipated to shut within the second quarter of 2023.
About Tigo Vitality, Inc.
Based in 2007, Tigo is a worldwide chief within the growth and manufacture of clever {hardware} and software program options that enhance security, enhance vitality yield, and decrease the working prices of residential photo voltaic techniques. , business, and utility-scale. Tigo combines Flex MLPE (Module Degree Energy Electronics) and photo voltaic optimizer know-how with clever, cloud-based software program capabilities for superior vitality monitoring and management. Tigo MLPE merchandise maximize efficiency, allow real-time vitality monitoring, and supply code-required fast shutdown on the module degree. The corporate additionally develops and manufactures merchandise resembling inverters and battery storage techniques for the residential solar-plus-storage market. For extra info, please go to www.tigoenergy.com.
About Roth CH Acquisition IV Co.
Roth CH Acquisition IV Co. a clean verify firm integrated for the aim of effecting a merger, share change, asset acquisition, share buy, reorganization or related enterprise mixture of a or many companies. Roth CH is collectively managed by associates of Roth Capital Companions and Craig-Hallum Capital Group. The preliminary public providing befell on August 5, 2021 elevating roughly $115 million. For extra info, go to www.rothch.com.
About L1 Vitality
L1 Vitality is the vitality funding division of LetterOne (L1). L1 is constructing a safe, sustainable rising vitality group, acknowledged as a companion of alternative in its business and enabling the transition to a decrease carbon and extra round economic system. L1 was based in 2013 and is a long-term funding group based mostly in Luxembourg that manages greater than billion of capital targeted on sectors elementary to sustainable social growth. L1 believes that long-term capital, unparalleled sector experience, world-class groups and energetic engagement will in the end carry rewards for buyers, staff and society, constructing companies that matter.
