Led · Convertible Note · Jan 2023

Tigo Energy develops smart hardware and software for residential, commercial, and utility-scale solar systems, including its Flex MLPE and solar optimizer technology. Its intelligent, cloud-based software provides advanced energy monitoring and control, while MLPE products enable module-level rapid shutdown, performance maximization, and real-time energy monitoring. The company also designs and manufactures inverters and battery storage systems for the residential solar-plus-storage market. Tigo plans to deploy capital from a newly signed $50 million convertible note purchase and anticipated proceeds from an announced business combination with Roth CH Acquisition IV Co. to support growth initiatives and repay existing debt. Tigo and Roth CH announced a business combination expected to result in Tigo becoming a public company listed on NASDAQ under the ticker TYGO upon closing, expected in the second quarter of 2023, subject to customary approvals. Founded in 2007 and based in Campbell, California, Tigo aims to continue expanding its intelligent solar and storage offerings. Tigo Energy develops flexible module-level power electronics and its TS4 platform, which the company says enhances safety, increases energy production, and decreases operating costs of photovoltaic (PV) systems. Its MLPE solutions are deployed across single-kilowatt residential installations to multi-megawatt utility sites, including rooftop, ground-mount, and floating systems. The company reports over 40,000 installations in more than 100 countries on all seven continents, generating more than 1 GWh of daily solar production. Tigo emphasizes global product certification with a UL-system-certification focus and compatibility with hundreds of inverters from more than 15 manufacturers as part of a multivendor initiative. Founded in Silicon Valley in 2007 and based in Campbell, Calif., Tigo plans to use recent funding to improve existing products, develop next-generation solutions, and scale operations. It also intends to invest in personnel, systems, and business-process improvements to better serve and expand its customer base. Tigo Energy develops SmartModule™ technology and an energy maximizer solution for photovoltaic (PV) installations, aimed at increasing power production, ensuring peak system up-time, and reducing operations and maintenance costs. Founded in 2007 and based in Los Gatos, California, the company serves residential, commercial and utility-scale PV project owners. Its SmartModule technology is being integrated by module OEMs such as Hanwha SolarOne, UpSolar, and Trina Solar to streamline installation and reduce system costs. Tigo maintains offices in the United States, Japan, Germany, Italy, France, China and Israel. The company raised $18m in funding to expand manufacturing and accelerate international sales. As part of the investment, Umesh Padval of Bessemer Venture Partners will join Tigo's board. Tigo Energy develops power electronics and software for photovoltaic solar arrays, with its flagship Maximizer solution launched in 2009. The Maximizer implements maximum power point control at the module level and can increase array output by up to 20%; it is compatible with all PV panels and inverters. The company sells through distribution partners including AEE Solar and DC Power in the U.S., Enerpoint in Italy, SunConnex in Western Europe and TechnoSun in Spain. Tigo operates offices in Japan, Germany and Israel and is headquartered in Los Gatos, California. The new $10M infusion will be used to expand logistics, manufacturing and international sales infrastructure. In conjunction with the investment, Tigo and co-lead investor Inventec Appliances signed a manufacturing and logistics agreement to expand global supply of Tigo products.

Led · Equity · Feb 2022

H2scan manufactures hydrogen sensing products used for electrical distribution reliability, fuel cells, hydrolyzers, and hydrogen distribution pipelines. Its sensors are made in the USA, have no consumable parts, and certain models are self-calibrating for up to 10 years. The company recently launched its Gen 5 ASIC-based sensor package, designed to be small, low-cost, high-accuracy, and suitable for harsh environments; its validated sensors have been used in over 20,000 installations. H2scan holds 27 patents and sells products in more than 50 countries, with customers including ABB, Siemens, GE Energy, Qualitrol, DOD, ExxonMobil, Shell, Chevron, and Procter & Gamble. The business says its products require zero maintenance and aim to improve safety and monitoring across a wide range of industrial leak-detection and process-monitoring markets. H2scan closed a $70 million capital raise to support manufacturing expansion, enhanced auto-calibration capabilities, additional global sales offices, marketing, and further R&D for next-generation products, including a plan to launch over 20 new products in the next 30 months. H2scan develops proven, proprietary hydrogen sensors and monitoring technologies for utilities, petrochemical, refinery, and industrial customers. Its new Gen 5 product is an ASIC‑based hydrogen measuring sensor that is smaller, lower cost, high‑accuracy, operates at high temperature, and requires no maintenance or calibration. The Gen 5 system targets real‑time, on‑line monitoring of hydrogen in distribution transformers and is up to 80% less expensive and three times smaller than existing systems; ABB and other transformer industry leaders have tested prototypes and it is now in retail production. H2scan plans to use new funding to accelerate Gen 5 production, expand product offerings built on the Gen 5 platform, and scale manufacturing capacity. The company is building a proprietary automated sensor manufacturing capability and an automated calibration system to cut calibration time to less than one‑third of current requirements. H2scan holds 27 patents and sells products in over 60 countries to large industrial customers including ABB, Siemens, GE Energy, ExxonMobil, Shell and NASA. Founded in 2002 and operating near Los Angeles, H2Scan has developed a unique hydrogen-sensing technology and holds more than 20 patents worldwide. The company specializes in analyzers that measure hydrogen concentration in oil and mixed gases, serving the power industry, petrochemical, and oil refinery markets with leading applications for power transformers. H2Scan sells private-label systems, subassemblies, and fully integrated sensors to global multinational OEM customers and has distributor representation in over 65 countries. The company markets the only low-cost semiconductor solid-state hydrogen sensor available on the market and positions H2 measurement as a multi-billion-dollar opportunity tied to transformer health. Altran has made a minority equity investment in H2Scan and will act as its strategic development partner and take a board seat. The partnership will support custom system-design work, development of a new lower-cost sensor and ASIC, and production-efficiency initiatives. H2Scan develops hydrogen leak detection systems used in process analysis and safety industries. According to a regulatory filing, the company raised $5.5M in a funding round that first opened in April 2011 and included 34 investors. Details on the new funding have not been announced by the company. H2Scan has previously raised capital from investors including Chrysalix Energy, H5 Capital, Pasadena Angels, Ravinia Venture Fund, Tech Coast Angels, HGB Partners and Tri-Strip Associates. The company recently moved to a larger facility in Valencia. The filing and article do not disclose revenue, user metrics, or the financing instrument and terms. H2scan is a Valencia-based company that develops hydrogen leak detection and monitoring technology. The company focuses on sensors and systems to detect and monitor hydrogen leaks. In July 2008 H2scan completed a $4M Series D financing. The proceeds are earmarked to upgrade its production and R&D facility and to purchase additional equipment. H2scan also plans to use the funding to expand sales and marketing efforts. No operating metrics were disclosed in the article.

Led · Equity · Feb 2016

Uber’s Advanced Technologies Group (ATG) develops self-driving software, vehicle safety systems, mapping, and related hardware to enable automated ridesharing services. The group is focused on commercializing and mass-producing automated ridesharing vehicles, including planned pilot deployments of Toyota Sienna–based automated vehicles to Uber’s network in 2021. A newly formed ATG corporate entity was valued at $7.25 billion post‑money after a $1 billion strategic investment from Toyota, DENSO and the SoftBank Vision Fund. Toyota and DENSO together committed $667 million and SVF committed $333 million; Toyota previously invested $500 million in Uber in August 2018 and may contribute up to an additional $300 million over the next three years to cover related costs. The investment is intended to accelerate development and commercialization of automated ridesharing and deepen collaboration on next‑generation autonomous vehicle hardware. Uber says the ATG team is taking a holistic approach to bringing self-driving vehicles to market and notes the company has completed more than 10 billion trips to date; the transaction was expected to close in Q3 2019. Uber Technologies is a global transportation company operating a large ride‑sharing network. The company is collaborating with Toyota to develop and deploy autonomous ride‑sharing as a mobility service at scale. Technology from both companies will be integrated into purpose‑built Toyota vehicles based on the Sienna Minivan platform. Uber’s Autonomous Driving System and Toyota’s Guardian automated safety support system will both be integrated, and Toyota will utilize its Mobility Services Platform (MSPF) for connected‑vehicle infrastructure. The mass‑produced autonomous vehicles are expected to be owned and operated by mutually agreed third‑party autonomous fleet operators, with pilot deployments slated for 2021. Toyota has agreed to invest $500M in Uber to support the program; the investment and collaboration are subject to standard regulatory approvals. Uber operates a global ride-sharing platform connecting riders and drivers. The company says the SoftBank-led transaction strengthens governance as it doubles down on technology investments and expands services to more people and places worldwide. Uber confirmed SoftBank’s $1.2 billion primary direct investment has closed and that payments for secondary sales are being processed and distributed. Governance changes agreed as part of the deal are coming into effect, and SoftBank has become the company’s largest shareholder and secured new board positions. The deal values Uber at around $48 billion, a discount to its prior $69 billion valuation. Founder Travis Kalanick sold roughly 30% of his stake as part of the transaction and is now a billionaire. Uber is a ride‑hailing platform that provides on‑demand transportation services. The company recently sold a small, undisclosed stake to German media company Axel Springer. Axel Springer clarified to t3n.de that the investment was strictly financial rather than strategic. A Springer spokesperson told The Wall Street Journal the amount was "minimal," and the firm compared the deal to a similar minor stake it took in Airbnb in 2012. Axel Springer also noted it has made early‑stage investments in around 100 companies. The presence of a media owner among shareholders has drawn scrutiny, prompting Axel Springer to downplay the size of the stake. Uber operates a ridesharing platform that dominates the U.S. market and is pursuing global expansion. The company considers the Middle East a key area and has operated in Saudi Arabia since 2014. Uber also operates in Egypt and the United Arab Emirates and partners with government entities to hire and educate drivers. The company reported more than 395,000 active riders in the region and said about 80 percent of riders in Saudi Arabia are female. Uber said it can provide on-demand transportation solutions that align with Saudi Vision 2030 and support economic and social reforms. Financially, the company accepted a $3.5 billion investment from Saudi Arabia’s Public Investment Fund, its largest investment to date, bringing total cash and debt to more than $11 billion while maintaining a $62.5 billion valuation.