CEI Ventures, Inc., the for-profit venture capital subsidiary of CEI, announces the initial closing of its fourth fund, Coastal Ventures IV, and the fund’s first investment in Pika Energy, Inc. This investment in the clean energy manufacturer advances CEI’s socially responsible fund portfolio.
Coastal Ventures IV held its initial closing of $7.2 million in December 2015 with a targeted capitalization of $25 million. The fund targets job creation for people with low incomes and socially beneficial products and services.
Westbrook, Maine-based Pika Energy, founded in 2010 by MIT-trained engineers, manufactures solar and wind products using a patented bus that acts as an “energy operating system” to automate the flow of clean power. The company, which has won five Department of Energy awards, recently announced its new product line that enables simplified solar-plus-battery configurations for clean backup power and energy arbitrage.
–Nat Henshaw, President of CEI Ventures
Ben Polito, co-founder and CEO of Pika Energy added, “It’s thrilling to be working with Coastal Ventures, a firm that shares our vision for making renewable energy affordable, attractive and mainstream.”