Pika Energy rakes in the capital, tops $1 million in funding

Ben Polito, co-founder and president of Pika Energy in Gorham, which has raised more than $1 million in capital to commercialize its residential-focused wind turbines.

Correction: In my original post, I mistakenly referred to a $274,291 “grant” Pika received in June 2011 from the Maine Technology Institute. That was, in fact, a loan. I regret the error.

Pika Energy continues to be the darling of Maine’s angel and venture capital investment community.

The Small Enterprise Growth Fund, Maine’s VC fund, said on Wednesday it has invested $150,000 in the Gorham-based company, which is developing residential-scale wind turbines and corresponding electrical systems.

“The SEGF looks for companies in Maine that demonstrate both high growth potential and public benefit,” Jayme Okma Lee, SEGF’s fund associate, said in a statement. “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.”

Over the past two years, Pika Energy has attracted capital from just about every source possible in Maine, and several out-of-state sources. By my calculation it has now received nearly $1.1 million.

Here’s a quick rundown:

And now the SEGF funding.

Ben Polito, the company’s co-founder and president, told me recently that the company will be using its recently acquired funds to help commercialize its product, including renting a permanent manufacturing space in the Gorham area.

“We are very excited to have raised the capital necessary to commercialize our wind turbine and related technologies,” Polito said in the SEGF news release. “It is an exciting time at Pika Energy.”

 

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Whit Richardson

About Whit Richardson

Whit Richardson is Business Editor at the Bangor Daily News. He blogs about Maine business, entrepreneurs and the economy.