November 17, 2018
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Investors have poured almost $2 million into one Maine solar energy company since July

Eric Limon | TNS
Eric Limon | TNS
Maine companies continue to draw venture capital investment this year. Pika Energy, a solar and storage solution company in Westbrook, attracted $1.9 million in the third quarter of 2018.

Pika Energy, a Westbrook-based solar and energy storage company, attracted $1.9 million in venture capital from undisclosed sources during the third quarter of this year.

It was the only company in Maine receiving venture capital this quarter, according to the MoneyTree Report from PricewaterhouseCoopers and CB Insights.

That brings the total for this year to date to $11.42 million. Four Maine companies received a combined $2.67 million in the second quarter and three companies received $6.85 million in the first quarter.

The $1.9 million was part of an effort by Pika to raise $6 million in equity and Series A preferred stock, according to a U.S. Securities and Exchange Commission filing.

The company has been expanding during the past few years, having brought in $1.49 million out of a $2.3 million fundraising effort in debt, options and promissory notes in the first quarter of this year.

And it raised $2.9 million in equity and Series A stock of a $3.1 million fundraising push in April 2016. The company said at the time that it would use the funds to scale up manufacturing and sales. That funding round was led by an affiliate of Massachusetts-based Clean Energy Venture Group.

The company makes the Pika Energy Island for home and business owners to capture, store and use more solar energy. The company claims it helps protect customers from rising and changing energy costs and grid disruptions.

Maine’s continuing attraction of venture capital money follows national and global trends, according to the MoneyTree report.

In the third quarter, venture capital-backed companies in the United States saw their funding increase 17 percent. The total invested in the United States during the quarter was $28 billion.

“This quarter approached quarterly funding records, with $27.5 billion invested in VC-backed startups and 55 mega-rounds [of $100 million or more each],” Tom Ciccolella, PwC’s U.S. Venture Capital Leader, said in a written statement.

However, he said the volume of venture capital-backed deals is down, largely because of the huge deals.

“As early-stage startups wonder if there are adequate funds available, the overall deal volume [1,229] still reflects a healthy startup ecosystem,” he said.

Global funding activity increased by 2 percent to $53.1 billion representing 3,408 deals in the third quarter.

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