Tigo Energy agrees SPAC merger at $600m valuation
Tigo Energy, a rival of solar energy company SolarEdge, is led by NetVision founder Zvi Alon.
Israeli energy storage company Tigo Energy has agreed a SPAC merger with Roth CH Acquisition IV at a company valuation of $600 million. Assuming no Roth CH Acquisition IV stockholders exercise their redemption rights, gross proceeds of about $117 million would be released to the combined company from a trust account that was set up in connection with the merger. The deal is due to close in the second quarter of 2023.
Tigo is led by CEO and chairman Zvi Alon who founded software company NetManage in 1990 as a US company with Israeli technology, which after listing on Wall Street was sold in 2008 for $70 million. He also founded Israeli internet service provider NetVision, which was managed by his ex-wife Ruth, and he also set up the California-Israel Chamber of Commerce.
Tigo was founded in 2007 by Ron Hadar and Sam Arditi. The company provides critical solutions for security, producing energy and operational costs for solar energy. Tigo’s activities are similar to another Israeli company SolarEdge Technologies (Nasdaq: SEDG), which has a market cap of $16.7 billion. Another rival, US company EnPhase (Nasdaq: ENPH) has a market cap of $42.1 billion.
Tigo’s investors include Alon Ventures, Bessemer, and former US vice-president Al Gore’s Generation Investment.
Published by Globes, Israel business news – en.globes.co.il – on December 7, 2022.
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