Pika Energy Completes $2.25 Million of $3.1 Million Series A Preferred Stock Offering Equity Financing

The leading power electronics firm will commercialize proprietary direct current technology to enable highly efficient, cost effective distributed “nanogrids”

Pika Energy, Inc. announced today the initial closing $2.25 Million of a $3.1 million Series A preferred stock offering. The new funds will allow the power electronics manufacturer to scale up manufacturing and sales of its proprietary technology for integrating distributed resources, such as solar photovoltaic (PV) power, with energy storage, the electricity grid and direct current (DC) loads.

The funding round, led by an affiliate of Massachusetts-based Clean Energy Venture Group (CEVG), solidifies Westbrook, Maine-based Pika Energys position as an emerging U.S. clean energy manufacturer. The companys patented approach to DC power electronics which enables the development of "nanogrids," building-level integrated electricity production and distribution systems, has attracted private equity investments in addition to several major grants from the U.S. Department of Energy.
"Our new funding round is unlocking significant growth and accelerating Pika Energys role as a leader in advanced power electronics for distributed energy applications," said Pika Energy President and CEO Ben Polito. "The future will increasingly be powered by distributed clean energy systems, not the centralized fossil fuel power stations. Pikas technology ensures those systems are affordable, efficient, simple to install and operate, and ready for widespread adoption. With the support of our community of investors, were poised to make clean energy ubiquitous and attractive to a wide range of consumers."
John Bobrowich and Wanda Reindorf, both partners at CEVG and new board member and observer, respectively, of Pika Energy, commented, "We believe Pika Energys solution will be a extraordinary enabler of nanogrid based distributed energy systems of the future, and their proprietary technology, highly experienced staff and emerging partnerships will establish the company as a leader in this massive emerging market. We are extremely pleased to have the opportunity to back this team."
Pika Energy also announced on Wednesday the launch of its new product line for solar-plus-storage applications. The Pika Energy Island™ system uses Pikas DC bus to enable simple integration of next-generation batteries with solar PV generation, giving homes and businesses a smart, high-efficiency solution for clean energy integration and management.
"The biggest story in the solar industry right now is distributed energy storage," said Pika Energy Director of Strategic Partnerships Rob Smart. "Our next-generation products are efficiently enabling energy storage and solar PV to communicate with each other in a system that is optimized to meet the needs of our residential, business and OEM customers."
Pika Energy has received past funding from the National Renewable Energy Laboratory (NREL), the Maine Technology Institute and the Small Enterprise Growth Fund. Pikas private investors include members of the Maine Angels and eCoast Angels.
About Pika Energy
Pika Energy, Inc. is a manufacturer of direct current (DC) power electronics. Headquartered in Westbrook, Maine, Pika Energys products include bi-directional, islanding inverters, battery charge controllers, DC solar optimizers, power converters, and certified small wind turbines. All Pika Energy products are powered by the REbus™ DC nano-grid. Pika Energys products provide grid-optional clean power that enables buildings to collect, store and self-consume energy from solar PV and wind sources. Learn more at http://www.pika-energy.com.
About Clean Energy Venture Group
Clean Energy Venture Group is an investment group that provides seed capital and management expertise to early stage clean energy companies. The group is comprised of seasoned operating executives with strong capabilities in the energy and environmental sectors. With each investment, CEVG brings not only capital, but also the value of its experience and network to help companies achieve their goals.

Featured Product

RBI Solar - Dahlia Has You Covered

RBI Solar - Dahlia Has You Covered

What if you could maximize the Ground Coverage Ratio (GCR) on your next project and not have to worry about the complicated variables that come with a tracker system? With a low tilt and clearance design, Dahlia® has the highest GCR of any fixed-tilt system in the marketplace. The system is available in three tilt options (7.5, 10 and 12.5 degrees) and designed to accommodate any sized PV module. The lightweight system is engineered with fewer components, several of which are shipped to job sites pre-assembled. This design feature reduces freight costs and rapidly trims the amount of on-site installation time required to complete construction. Maximizing PV coverage on a site can lead to an increase of production, which creates greater financial return for project owners. Over 100 MW of Dahlia® projects have been deployed across the United States, in regions of variable snow and wind loads. How much can Dahlia® cover and save you on your next project?