Tigo Energy Delivers Rapid Shutdown in Costa Rica as Mandates Take Hold Across Latin America

Rhea-AI Summary

Tigo Energy, Inc. (NASDAQ: TYGO) has announced a collaboration with PROINSO to support solar installers in Costa Rica as the NEC 690.12 rapid shutdown standard becomes mandatory. This partnership aims to ensure compliance with critical safety standards for new photovoltaic projects in the growing Costa Rican solar market. PROINSO will provide high-quality energy products to local solar companies, including Tigo's comprehensive range of solutions for rapid shutdown, module-level monitoring, and optimization.

The implementation of NEC 690.12 is part of Costa Rica's broader effort to improve solar energy safety. Tigo's rapid shutdown solutions are designed to comply with these standards, offering reliability and ease of integration for solar installers. The company's cutting-edge module-level power electronics (MLPE) feature compatibility with Tigo RSS Transmitters with Pure Signal™ technology and offer a Multi-Factor Rapid Shutdown (MFRS) option for redundant safety signaling.

Positive

• Collaboration with PROINSO to expand market presence in Costa Rica
• Compliance with NEC 690.12 rapid shutdown standard, enhancing safety and performance
• Tigo's solutions offer compatibility with RSS Transmitters and Multi-Factor Rapid Shutdown option
• Over 10 million Tigo MLPE products installed worldwide
• Tigo TS4 MLPE devices certified to work with 2,124 inverter models

Negative

• None.

Insights

Solar Industry Analyst

The implementation of NEC 690.12 rapid shutdown standards in Costa Rica marks a significant milestone for the Latin American solar market. This move aligns with global trends in solar safety regulations, potentially catalyzing market growth and standardization across the region. Tigo's collaboration with PROINSO strategically positions both companies to capitalize on this regulatory shift.

The adoption of rapid shutdown technology is likely to drive demand for advanced module-level power electronics (MLPE), potentially boosting Tigo's market share. With over 10 million MLPE products installed globally and compatibility with 2,124 inverter models, Tigo is well-positioned to leverage this opportunity. However, investors should note that while this expansion into Costa Rica is positive, the immediate financial impact may be given the country's relatively small market size.

Long-term, this move could serve as a springboard for further expansion in Latin America as more countries adopt similar standards. The emphasis on safety and efficiency aligns with global renewable energy trends, potentially enhancing Tigo's appeal to ESG-focused investors.

Regulatory Compliance Expert

The adoption of NEC 690.12 in Costa Rica represents a significant regulatory shift with implications beyond just safety. This standard aligns Costa Rica with global best practices, potentially setting a precedent for other Latin American countries. For Tigo, compliance with UL 1741 and NEC requirements positions them favorably in markets adopting these standards.

The increasing global adoption of rapid shutdown requirements, now in 38 countries, indicates a growing market for compliant technologies. This trend could create barriers to entry for competitors without certified solutions, potentially strengthening Tigo's market position. However, as standards become more widespread, competition in this space may intensify.

Investors should consider the long-term implications of this regulatory trend. As more countries and global companies require rapid shutdown technology, Tigo's early compliance and established product line could translate into sustained growth opportunities across multiple markets.

As demand for solar in Costa Rica continues to grow, Tigo works with PROINSO to bring solar safety and enhanced efficiency to projects across the country.

CAMPBELL, Calif.--(BUSINESS WIRE)-- Tigo Energy, Inc. (NASDAQ: TYGO) (“Tigo”), a leading provider of intelligent solar and energy software solutions, today announced its collaboration with PROINSO, a global solar developer and equipment provider, to support solar installers in Costa Rica as the NEC 690.12 rapid shutdown standard becomes a requirement in the market. As the country’s solar market sees untapped potential while maintaining a reputation as a leader in renewable energy initiatives, ensuring compliance with this critical safety standard is becoming increasingly vital for new photovoltaic (PV) projects. Through this collaboration, PROINSO will continue to capitalize on its market presence by providing high-quality energy products to local solar companies, including the comprehensive range of Tigo solutions that address solar rapid shutdown, module-level monitoring, and optimization.

“We are excited to work with Tigo to help companies adopt the NEC 690.12 in Costa Rica’s solar projects,” said Carlos Romero, Co-Managing Director of PROINSO. “Our partnership with Tigo highlights our shared vision to support the solar industry’s expansion in Costa Rica as well as the rest of the territories in LATAM adopting the RSD requirement while offering our customers state-of-the-art Rapid Shutdown solutions that enhance safety and performance.”

Implementing NEC 690.12 is part of a broader effort in Costa Rica to improve solar energy safety by ensuring that solar systems can swiftly be de-energized during emergencies within installations. Tigo rapid shutdown solutions are designed to comply with these standards, offering both reliability and ease of integration for solar installers. The company’s cutting-edge solutions are integral in meeting this requirement, offering updated, state-of-the-art module-level power electronics (MLPE) that feature compatibility with Tigo RSS Transmitters with Pure Signal™ technology and offer a Multi-Factor Rapid Shutdown (MFRS) option for redundant safety signaling in energy-critical applications.

“Costa Rica’s commitment to advancing solar technology and ensuring safety through standards like NEC 690.12 is commendable,” said Marcia Cesare, LATAM director at Tigo. “We are proud to support this initiative by providing cutting-edge solutions and working closely with experienced allies like PROINSO to deliver exceptional value to the solar community.”

Solar rapid shutdown requirements continue to roll out around the world, and Costa Rica joins Brazil, the Czech Republic, Slovenia, and 34 other nations in enacting mandates for solar safety technology. Increasingly also required by global companies for offshore building sites and by insurance companies, rapid shutdown allows PV solar systems to be rapidly de-energized during emergencies or maintenance. To meet the growing number of regulatory requirements around the world, Tigo rapid shutdown technology is compliant with UL 1741, the Standard for Safety for Inverters, Converters, Controllers and Interconnection System Equipment for Use With Distributed Energy Resources, as well as the rapid shutdown requirements of the U.S National Electric Code (NEC). More than 10 million Tigo MLPE products are installed worldwide and provide optimized, monitored, and safe solar to protect critical solar energy infrastructure. Current-generation Tigo TS4 MLPE devices are certified to work with 2,124 inverter models and are backed by some of the industry’s best warranty terms.

For more information and resources related to Tigo rapid shutdown solutions, view its Commitment to Reliable Rapid Shutdown (tigoenergy.com) and take the TS4 Design and Installation Course, available on-demand and in Spanish.

About Tigo Energy

Founded in 2007, Tigo Energy, Inc. (Nasdaq: TYGO) is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240924076180/en/

Technica Communications

Luis de Leon

Email: tigoenergy@technica.inc

Source: Tigo

FAQ

What is the purpose of Tigo Energy's collaboration with PROINSO in Costa Rica?

Tigo Energy is collaborating with PROINSO to support solar installers in Costa Rica as the NEC 690.12 rapid shutdown standard becomes mandatory, ensuring compliance with critical safety standards for new photovoltaic projects in the growing Costa Rican solar market.

How does Tigo Energy (TYGO) address the NEC 690.12 rapid shutdown requirement?

Tigo Energy (TYGO) offers rapid shutdown solutions designed to comply with NEC 690.12 standards, providing reliability and ease of integration for solar installers. Their solutions include module-level power electronics (MLPE) compatible with RSS Transmitters and Multi-Factor Rapid Shutdown options.

What are the key features of Tigo Energy's (TYGO) rapid shutdown technology?

Tigo Energy's (TYGO) rapid shutdown technology features compatibility with RSS Transmitters with Pure Signal™ technology, offers a Multi-Factor Rapid Shutdown (MFRS) option for redundant safety signaling, and is compliant with UL 1741 and U.S National Electric Code (NEC) requirements.

How many countries have adopted rapid shutdown requirements for solar systems?

According to the press release, Costa Rica joins Brazil, the Czech Republic, Slovenia, and 34 other nations in enacting mandates for solar safety technology, including rapid shutdown requirements.