April 04, 2016
CEI Ventures Expands Fund Portfolio with Pika Energy Investment
Renewable energy manufacturer Pika Energy is the fourth company added to CEI’s new fund
April 4, 2016 – 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. Additional closings will be planned for later this year. 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.
“Pika Energy uses U.S.-based manufacturing to make environmentally beneficial products, and is an excellent example of a company furthering the values and mission of the Coast Ventures IV LP fund,” said 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.”
About CEI Ventures, Inc.
CEI Ventures manages socially responsible venture capital funds. The company was founded in 1994 to mobilize private capital markets while advancing social goals. To date, CEI Ventures has raised four venture capital funds and have made $27 million in direct investments in nearly 50 companies. CEI Ventures is a wholly-owned subsidiary of Coastal Enterprises, Inc. (CEI), a mission-driven lender and investor specializing in rural economic development in Maine and throughout the U.S. Learn more at www.ceiventures.com.
About Pika Energy, Inc.
Pika Energy, Inc. is a manufacturer of direct current (DC) power electronics. Headquartered in Westbrook, Maine, Pika Energy’s 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 nanogrid. Pika Energy’s 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.