Sources inform ''Globes'' that Clal Industries and Investments Ltd. (TASE: CII) subsidiary Clal Energy Ltd. has acquired 10% of US-Israeli photovoltaic technology start-up Tigo Energy Inc. and signed a cooperation agreement with it.
A source close to the negotiations with Clal Energy said that the collaboration was the most important aspect of the agreement for Tigo. Clal Energy declined to comment on the report. Tigo was unavailable for comment by web-posting.
Tigo, founded by Samuel Arditi and Ron Hadar, is developing technologies to improve the power generated by photovoltaic power installations. The company raised $6 million in its first financing round in June from Matrix Partners and OVP Venture Partners. Headquartered in California, the company will shortly set up a R&D center in Israel to be managed by Modi Ovrotski.
However, in a press release by Clal Energy, Arditi said, "The collaboration with Clal Energy will enable us to accelerate the development and distribution of our technology and realize our vision to reduce the price of solar energy."
Clal Industry is a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman and CEO Nochi Dankner.
Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2008
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