PORTLAND, Maine — December 3, 2012 — Pika Energy was awarded a $218,000 Development Loan from the Maine Technology Institute (“MTI”). The loan helps Pika to scale up its manufacturing capability to begin production of the T701 home wind turbine by spring 2013.
“This MTI development loan will enable Pika’s team to turn the corner from an R&D operation into a capital-efficient manufacturing operation based in Maine,” said Ben Polito, President and co-founder of Pika Energy. “With a moderate level of capital purchases and committed local vendors in our supply chain, Pika will produce the most advanced and affordable home wind turbines on the market.”
In November 2012, MTI awarded nearly $1.5 million in funding to 28 Maine companies engaged in the development of technology-based products and services. The Maine Technology Institute is a publicly-funded, nonprofit corporation that offers early-stage capital and commercialization assistance. MTI awarded Pika Energy an earlier Development Loan in 2011 that the company used to develop prototypes and build and install alpha products.
About Pika Energy
Pika Energy, Inc. is a Westbrook, Maine-based manufacturer of direct current (DC) power electronics, including the Pika Energy Island™ system. All Pika Energy products are powered by the REbus™ DC nanogrid. Pika Energy’s products provide grid-optional clean power that enables buildings to collect, store and self-consume energy from solar and wind sources. Learn more at www.pika-energy.com.