Pika Energy receives $25K funding from venture capital
CEI Ventures Inc., a for-profit venture capital subsidiary of the Brunswick-based Coastal Enterprises Inc., has invested $250,000 in the Westbrook-based clean energy equipment manufacturer Pika Energy, as a part of a new venture capital fund.
The fund, Coastal Ventures IV, was established in December with a $7.2 million investment and a targeted capitalization of $25 million, according to a statement by CEI Ventures.
Coastal Ventures IV is the fourth venture capital fund established by CEI Ventures, with Pika being selected as its first portfolio company due to its manufacturing of environmentally-focused products in the United States.
Pika was founded in 2010 by its president, Ben Polito, and other engineers from the Massachusetts Institute of Technology.
The fast-growing company manufactures power electronics for home energy, including solar-plus-storage systems and wind/solar hybrid systems.
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