Tioga
Energy, a startup that aims to help companies and businesses finance solar
installations, said Thursday it has raised another $4 million, increasing its
first round of funding to more than $14 million.
Tioga's new backer was Nth Power, a spokesman for the company said. San
Mateo, California-based Tioga launched in June with about $10 million, backed
by NGEN Partners, Draper Fisher Jurvetson, and RockPort Capital. DFJ Frontier
and Kirlan Ventures also joined in the round.
Tioga
also recently brought on board Michael Jolley, former project manager of Chevron
Energy Solutions, as VP of project management. The company now has about 15
employees, but it has not yet announced any specific deals or projects, the
spokesman said.
The
company’s strategy is based on long-term power purchase agreements with
commercial, government, and nonprofit entities for solar generated
electricity. According to the business model, Tioga will be responsible for
building, operating, and maintaining the solar power installations.