Panasonic Partners with Pika Energy to Develop Solar Smart Batteries

July 18, 2017

6:30 pm

In an earlier report, we talked with cofounder of Pika Energy Ben Polito about his thoughts on raising venture capital money, and there’s more on the way.

Pika Energy in Westbrook has raised $2 million in a convertible debt round, according to a filing they made with the U.S. Securities and Exchange Commission.

The company, which began in a basement in Gorham, has developed platform technology that can improve the efficiency of power grids and allow for the seamless incorporation of renewable energy sources, such as solar. It also recently announced a partnership with Panasonic to release a “solar smart battery.”

Convertible debt is simply a loan that can be converted to equity in the company at a later date.

This new convertible debt round (convertible debt is simply a loan that can be converted to equity in the company at a later date) increases the total amount of capital the company has raised to roughly $8 million.

Ben Polito, president and cofounder of Pika Energy

This newest round included 26 investors, according to its Form D.

Here’s what Ben had to say about raising money from venture capitalists.

“It depends entirely on the goals of the venture,” he told me. “We set ourselves a very ambitious plan to build an electronic platform that makes clean energy significantly more affordable, more efficient, and much easier to install. That implied significant core research spending, IP, manufacturing tooling, and certifications—each of which can be a major six-figure proposition, and at the same time we didn’t just want to be an R&D shop, and that means a robust business development team and real marketing, which is harder to do on non-dilutive funding.”

Read our complete interview with Ben here. 

Read about more startups raising capital in Portland, Maine at TechCo

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Whit Richardson is a former daily newspaper journalist in Portland, Maine, who has covered business and entrepreneurship for the past decade. He's founder of Maine Startups Insider and currently editor-in-chief of 4Front Publishing, an online news startup covering the nascent legal cannabis industry.

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