Date: May 01, 2013 Author: press release Source: Company Data (
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The Small Enterprise Growth Fund (SEGF), Maine's venture capital fund, has announced an investment in Pika Energy. SEGF purchased $150,000 in preferred shares as part of a larger round of financing. Additional Pika investors include members of Maine Angels and New Hampshire-based eCoast Angels.
"The SEGF looks for companies in Maine that demonstrate both high growth potential and public benefit. We are pleased to announce this new investment," said Jayme Okma Lee, SEGF's Fund Associate. "Pika Energy is a great Maine story. Ben Polito, a Pika Founder, grew up on an island off the coast of Maine, and has returned to Gorham to grow this promising clean tech company. Pika has received support on a local level from the Maine Technology Institute as well as on the national level from the U.S. Department of Energy. The company is an appealing SEGF investment because of the strong management team, promising technology, and potential for public benefit in the form of high paying Maine jobs and reduced dependence on fossil fuels."
"We are very excited to have raised the capital necessary to commercialize our wind turbine and related technologies," said Ben Polito, CEO of Pika Energy, on the announced investment. "It is an exciting time at Pika Energy. In addition to the Small Enterprise Growth Fund, Maine Technology Institute, Maine Seed Capital Tax Credit, and MCED's Top Gun Program have all contributed to our success."
Pika Energy's products run on REbus™ DC Microgrid, an intelligent energy networking technology that makes it easy to build flexible, plug-and-play clean energy systems. The company's mission is to build distributed clean energy systems that give customers faster payback on their investment.
The SEGF is a professionally-managed venture capital fund that invests exclusively in Maine companies which demonstrate a potential for high growth and public benefit. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995 to provide Maine companies and entrepreneurs access to patient sources of venture capital. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving, "evergreen" fund. FMI, go to www.segfmaine.com.
