![]() ![]() Members of the Maine Angels have benefited from a few other exits, but always a small contingent. Like Burns, Fratoni called Pika’s exit a milestone. He said the members collectively, along with the Bangor Angels fund, had invested more than $2 million in the company. Sam Fratoni, chair of the Maine Angels, said 30 members of the angel investment group invested in Pika Energy since its first round in 2012. “A good day for Maine, Pika employees, and this clean energy technology.” “Generac is keeping a substantial work force here in Westbrook, and the additional Generac resources will certainly help to continue the innovative exciting technology at Pika,” Burns said. MVF invested $700,000 in Pika, and Burns confirmed that its return was better than 2.5x, dating back to its earliest investments in 2013. John Burns, managing director of Maine Venture Fund, called Pika’s acquisition as a “huge win” for the company, its investors, and the larger startup community. Investors in Pika include the Maine Venture Fund, CEI Community Ventures, Brookline, Mass.-based Clean Energy Venture Group, and several members of the Maine Angels and Portsmouth-based eCoast Angels. The year before it raised $2 million in convertible debt. Its most recent filing, from September 2018, said it had raised $2 million in its latest equity round. Pika has raised at least $8 million, according to filings with the U.S. Maine Startups Insider has reached out to Polito, Pika’s president, and will update the story if we receive a response. It developed its current smart battery storage system in collaboration with Panasonic. The company successfully brought the turbines to market, eventually moving into its own manufacturing space in Westbrook, but eventually realized that the underlying platform technology the company had developed had wider applications for the renewable energy market. They created the company with a goal to make backyard, residential-scale wind turbines more affordable and accessible to the average homeowner. Terms are not being disclosed.īen Polito and Joshua Kaufman, who studied engineering together at the Massachusetts Institute of Technology, founded Pika in a basement in Gorham in 2010. Waukesha, Wis.-based Generac announced the acquisition this morning in a news release. Pika Energy, the venture-backed company in Westbrook that’s developed a residential-scale smart battery and power control system for solar power, has been acquired by a company in Wisconsin that designs and manufactures power-generation equipment. ![]() Ben Polito, president and co-founder of Pika Energy ![]()
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