Tigo Energy, Inc. to List on NASDAQ Through Business Combination with Roth CH Acquisition IV Co.
Tigo’s {hardware} and software program options improve photo voltaic manufacturing, scale back working prices, and enhance security in residential, business, and utility-scale photo voltaic techniques.
Tigo Power, Inc. (“Tigo”), a number one supplier of clever photo voltaic and vitality storage options, and Roth CH Acquisition IV Co. (NASDAQ: ROCG) (“Roth CH IV” or “ROCG”), a publicly traded particular function acquisition firm with $117 million held in belief, at present introduced the signing of a definitive settlement for a enterprise mixture which is anticipated to lead to Tigo turning into a public firm. Upon closing of the transaction, topic to ROCG stockholders’ approval and different customary necessities, the mixed firm will likely be named “Tigo Power, Inc.” (the “Firm”) and is anticipated to be listed on NASDAQ underneath the ticker image “TYGO.” The present Tigo CEO and Chairman, Zvi Alon, will proceed to steer the Firm with the present administration workforce, and the prevailing Tigo stockholders will roll over 100% of their fairness into the Firm. The transaction is anticipated to shut within the second quarter of 2023.
Tigo has been serving the photo voltaic vitality business with superior energy electronics since 2007; so far, it has acquired a portfolio of 115 patents and shipped greater than 10 million MLPE (Module Stage Energy Electronics) units worldwide. With installations in a couple of hundred international locations on all seven continents, Tigo’s techniques generate greater than 1 GWh of photo voltaic manufacturing per day. The Firm’s merchandise energy every little thing from single-digit kilowatt residential techniques to business, industrial, and utility techniques, scaling to tons of of megawatts in rooftop, ground-mounted, and floating functions.
For the business, industrial, and utility segments of the photo voltaic market, Tigo combines Flex MLPE and photo voltaic optimizer know-how with a cloud-based Power Intelligence platform for superior vitality monitoring and management. Tigo MLPE merchandise maximize efficiency, allow real-time vitality monitoring, present code-required quick shutdown on the module stage, and are UL-certified worldwide, and UL-system licensed by tons of of inverters from greater than fifteen producers. This open-platform method provides Tigo prospects better freedom to right-size photo voltaic techniques with the options and inverters they need.
For the residential photo voltaic and solar-plus storage market segments, Tigo develops and manufactures MLPE units, inverters, battery storage techniques, and associated vitality administration {hardware} underneath the EI residential model. The Tigo EI residential product portfolio is designed for ease-of-installation, extra environment friendly system upkeep and administration, and elevated flexibility for installers. Together with the Tigo EI cellular app and a browser-based program, the Tigo EI platform offers system analysis, over-the-air software program upgrades, and vitality manufacturing monitoring that serve householders and installers.
Tigo Funding Highlights
Robust long-term demand prospects for photo voltaic and vitality storage options in international residential, business, and utility markets
Quite a lot of {hardware} and software program merchandise enhance security, improve vitality yield, and decrease working prices of photo voltaic techniques, permitting important ROI to prospects
Capital-light enterprise mannequin with demonstrated working leverage
Continued robust development in bookings with robust backlog till 2023
Confirmed management workforce with public firm expertise
Transaction Overview
Pursuant to the enterprise mixture settlement, ROCG will purchase Tigo at a pre-money fairness worth of $600 million. In reference to the transaction, ROCG will challenge 60 million newly issued shares to Tigo’s present stockholders (topic to any adjustment in Tigo’s capital elevating transactions previous to closing).
Present Tigo stockholders is not going to obtain any money proceeds as a part of this transaction and can roll 100% of their fairness into the Firm. Assuming no ROCG stockholders train their redemption rights, gross proceeds of roughly $117 million will likely be launched to the Firm from the belief account in reference to the transaction.
The boards of administrators of Tigo and ROCG are united on this transaction. The transaction would require the approval of ROCG’s stockholders and will likely be topic to different customary closing situations. The transaction may even require the approval of Tigo’s stockholders by written consent or at a gathering of Tigo’s stockholders. The transaction is anticipated to shut within the second quarter of 2023.
Upon closing of the transaction, Tigo’s senior administration will proceed to serve of their present roles. Present Tigo holders will retain roughly 82% possession upon closing of the Firm, until ROCG stockholders train their redemption rights.
Further info concerning the proposed mixture, together with a duplicate of the enterprise mixture settlement and different associated supplies, will likely be supplied by ROCG within the Present Report on Kind 8-Ok filed with the US Securities and Alternate Fee (the “SEC”).
Counselors
White & Case LLP acted as authorized counsel to Tigo and DLA Piper LLP and Loeb & Loeb LLP acted as authorized counsel to Roth CH IV.
About Tigo Power, Inc.
Based in 2007, Tigo is a world chief within the growth and manufacture of clever {hardware} and software program options that enhance security, improve vitality yield, and decrease working prices of residential photo voltaic techniques. , business, and utility-scale. Tigo combines Flex MLPE (Module Stage 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 speedy shutdown on the module stage. The corporate additionally develops and manufactures merchandise reminiscent of inverters and battery storage techniques for the residential solar-plus-storage market. For extra info, please go to https://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 trade, asset acquisition, share buy, reorganization or comparable 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 came about on August 5, 2021 which raised roughly 5 million. For extra info, go to https://www.rothch.com/.
