Pika Energy raises $2.255M in equity offering
PHOTO COURTESY / Pika Energy, Inc.
Ben Polito, co-founder and president of Pika Energy (front row center), a Westbrook-based company that makes power electronics for home energy, including solar-plus-storage systems and wind-solar hybrid systems.
Clean energy equipment manufacturer Pika Energy Inc. of Westbrook has raised $2,255,028 of a $3,100,000 equity and Series A preferred stock offering, according to U.S. Securities and Exchange Commission filing.
The offering, which went on sale Feb. 2, takes a minimum investment of $15,000 by any outside investor. At press time, Pika President Ben Polito was not available for comment on how the funds would be used.
The fast-growing company manufactures power electronics for home energy, including solar-plus-storage systems and wind/solar hybrid systems.
The company previously received state, federal and private funding, including $700,000 from the National Renewable Energy Laboratory in July 2014 for two projects funded by the U.S. Department of Energy Department to develop more efficient turbine technologies and drive down manufacturing costs as part of a federal initiative.
Pika also had early funding from NREL for another project worth $150,000, as well as a $218,000 loan from the Maine Technology Institute in 2012 and an earlier MTI development loan for $274,000. It also received $250,000 from the Maine Angels. In addition, it received $150,000 for preferred shares from the Small Enterprise Growth Fund as part of a larger round of financing. Other Pika investors include members of Maine Angels and New Hampshire-based eCoast Angels.
The company won $30,000 in the 2013 Gorham Savings Bank Launchpad competition. It used those funds to move from Gorham into its new production facility in Westbrook.
The company was founded in 2010 by Polito and other engineers from the Massachusetts Institute of Technology.
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