Renewable Energy Service Provider Tioga Energy Raises $20M
Tioga Energy, a San Mateo, Calif., -based supplier of renewable energy services to commercial, government, and non-profit institutions, has raised $20 million in a first close of a Series B financing round.
Backers included MEMC Electronic Materials, NGEN Partners, Nth Power and Draper Fisher Jurvetson.
The company funds, maintains and operates solar photovoltaic systems on behalf via long-term power purchase agreements. It plans to use proceeds to support the construction and development of solar projects.
In a prepared statement, Paul Detering, CEO of Tioga Energy said:
This financing round will provide the operating capital to rapidly grow our business and accelerate the development of our growing project pipeline. We are also pleased to have MEMC as both an investor and a partner in achieving our mutual business goals. As an established leader in the solar wafer industry, MEMC’s support will have a very positive impact on achieving our growth objectives.
