CEI Ventures raises $14.8M for its fifth fund
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CEI Ventures launched its fifth fund this month, raising $14.85 million from 32 accredited investors. The fund, dubbed the Good Jobs Fund, will focus on social-impact companies in Maine and elsewhere that offer employees fair wages and good working conditions. The 32 investors in the Good Jobs Fund include nine individuals, two foundations, four community economic development entities and 17 banks motivated, in part, by Community Reinvestment Act credit. To date, CEI Ventures has raised over $60 million and invested in 64 companies across five funds. CEI Venture’s four previous funds have boasted profitable returns to investors, according to Nat Henshaw, managing director of CEI Ventures. In addition to profits, the 64 companies in CEI Venture’s portfolio have generated a total of 2,700 jobs, growing their employee count by 40% since receiving funding. The organization’s last fund was raised in 2015 and is half way through its 10 year life-cycle, according to Henshaw. “We have chosen all the companies for our fourth fund,” Henshaw said. “But have reserved capital in order to continue to support companies already in the portfolio.”
Two major successes of the 2015 fund are the acquisition in 2019 of Westbrook-based Pika Energy and the success of Portland-based Tilson Technologies. Tilson has grown revenue by 12 times since CEI’s initial investment and has close to 600 employees operating nationally, according to Henshaw. “Both Pika and Tilson are excellent examples of the types of companies we will be focused on with our new Good Jobs Fund,” said Henshaw. Henshaw said there’s a positive correlation between good job metrics and financial performance. According to Henshaw, revenue growth for CEI portfolio companies that met their good jobs metrics grew revenue by 47% from 2018 to 2019, while those companies that didn’t meet the standards only showed 5% revenue growth. That is why CEI Ventures will invest the Good Jobs Fund based on three criteria: wages, quality benefits, and a fair and engaging workplace. “We look at things like, entry-level wages, paid time off, health insurance, retirement, best practice HR policies, and whether or not the company has a profit sharing plan such as employee stock options,” Henshaw said. Henshaw admitted 2020 was a challenging year, but said he is optimistic about what 2021 will bring. “If the first quarter is any roadmap for the balance of 2021, I think we will have a very strong year of venture financing,” says Henshaw. “Low rates, economic stimulus and overall liquidity seem to be translating into high valuations. It’s looking like a good year for growing tech companies to raise capital.”
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CEI Ventures raises $14.8M for its fifth fund

CleanTechnica met up with Generac’s Chief Marketing Officer and president of its new clean energy business, Russ Minick at SPI 2019, to talk about the company’s big pivot into energy storage products to learn more about where that strategy came from. At SPI2019, Generac and its team of Patagonia vest clad associates rolled out a new home energy storage system based largely on the units designed by Pika Energy, which Generac acquired earlier this year. The company injected the brain of the solution, the PWRcell inverter, with intelligence from another acquisition, Neurio Technologies, adding home energy usage monitoring and much more through its new PWRview tool. Solar Integration
The addition of Neurio’s intelligent energy management and monitoring tech also enabled integration with another renewables star: residential solar systems. The ability to not only harness energy in the battery for later use, but to enable homeowners to run off of that power for hours or days in the event of a grid outage resonated with Generac’s core customer base. Customers looking to add a generator to keep their home and refrigerator running through a power outage caused by a storm were thrilled at the prospect of a system that taps into the unlimited resource of the sun without the need for any additional fuel. Sharing the PWRcell inverter slashes the cost of having to purchase a second inverter for the home solar system and makes the combined solar-plus-storage that much more affordable. Each Generac PV Link optimizer can connect up to 9 solar modules to Generac’s PWRcell inverter. Image courtesy: Generac
Exploring the potential of rooftop solar integration led Generac to not only allow for a direct connection of a rooftop solar system to its PWRcell inverter, but to develop a suite of products that intelligently integrate an on-site solar installation with the overall home energy system. After the solar modules themselves, the first point of connection for a single inverter solar system is typically to a dedicated DC optimizer for each panel. Generac took the idea one step further with its PV Link Substring Optimizer (diagram above) that can control up to nine PV modules per unit. That cuts the number of connections required for installers and minimizes the potential points of failure in a rooftop solar system. The Generac SnapRS. Image credit: Kyle Field | CleanTechnica
Working our way down the rooftop solar trunk cable that connects all the modules together, current NEC code requires a rapid shutdown device to be installed within a few feet of each solar array. These are typically dedicated devices that require their own enclosure. That equates to more cost and more space in the home that must be dedicated to the solar system. For example, in our Tesla Solar Roof installation, we have ~10 of these rapid shutdown devices, each enclosed in a dedicated ~12″ x 12″ x 4″ enclosure in our attic space. Generac instead built rapid shutdown functionality into a new device dubbed the SnapRS that provides the capabilities required to satisfy NEC code requirements, but at the module level. These new devices (pictured above) contain no moving parts and require no special enclosures. That is a game changer when it comes to installing rapid shutdown devices for a home solar system. They require far less space as they can be installed along the trunk cable under the modules themselves and are much quicker to install. Generac: The Next Generation
We were impressed to see just how much work Generac had done to integrate the solutions from Pika and Neurio into a new line of fully integrated Generac products in just a matter of months. Just a simple rebranding would take longer than that at most companies, and Generac is already looking beyond this first generation of products at more opportunities that will take its already innovative line of products to the next level. At SPI, they took us into the back room and talked us through some concept photos and product specs for the next generation of products that are already in the works. For starters, Russ told us about Generac’s new “third box” that will take the place of the circuit breaker box in a typical home. “We’re going to put it in a third box,” he said. “That box will have the Neurio intelligence in it. You can be wifi connected or wire connected or cellular connected.”
Adding connectivity and intelligence opens the door for Generac to begin not only generating power with a rooftop solar system, storing it in an intelligent home battery, but also actively controlling the loads within the home. “What you’re starting to see is the promise of load management,” Russ said. “There’s going to be load management on circuits you want load managed. It’s whole house, so no more select circuits.”
The integration of all of the major electrical systems in the home enables homeowners to prioritize loads in the home based on the available stored energy. “This is going to be pretty good for power outages,” Russ said. “You’ll be able to prioritize what loads you want.”
In addition to the new smart panel, Russ is pushing to increase the energy density of the battery which translates to an increase in overall capacity. “Today we’re at 17.1 kWh. We’re going to 19.9 kWh,” he said. That is coming along with a new active thermal management system that will have the capability to both heat and cool the batteries for maximum performance, regardless of the temperature outside.

Generac Dives Into Residential Energy Storage With Seamless Solar Integration #SPI2019

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MTI, FAME, CEI, Maine Venture Fund and Maine Angels Work Together to Support Technology Company's Growth
Portland has proven to be a fantastic place to build a technology company, and the Maine entrepreneurial ecosystem came through for us in so many ways. BRUNSWICK, Maine (PRWEB)June 05, 2019
Generac’s recent acquisition of Pika Energy was more than just a huge win for the Westbrook-based renewable energy and battery storage company, it was a victory for the entire entrepreneurial community in Maine. "Portland has proven to be a fantastic place to build a technology company, and the Maine entrepreneurial ecosystem came through for us in so many ways,” said Pika President and co-founder Ben Polito, adding, “From MTI's support in navigating the federal SBIR program, to the equity deal expertise that the Maine Venture Fund and CEI bring, to the consistent support and quality mentoring offered by Maine Angels and other local angel groups, to the tailwind provided by FAME’s Maine Seed Capital Tax Credit, we felt the community was truly invested in our success.”
Polito’s recognition of the entrepreneurial community’s contributions is validation of the collaborative approach these organizations and programs have adopted. Public or private, each has encouraged businesses and entrepreneurs to take advantage of all the resources available in Maine, and they’ve all worked together to help support innovation and economic growth in the state. “This is an impressive example of how the various players in Maine’s economic development delivery system typically work together to support entrepreneurs and business as they scale,” said Heather Johnson, Commissioner of the Maine Department of Economic & Community Development. “There are a variety of resources available to assist entrepreneurs and businesses which is why it’s important to ensure that we are all pulling in the same direction to maximize opportunities like we did with Pika.”
FAME helped Pika with the Seed Capital Tax Credit Program, which is designed to encourage equity investments in Maine businesses, directly and through private venture capital funds. “FAME was pleased to partner with other state economic development entities, including local Maine lenders, to help facilitate the start-up, growth, and eventual acquisition of Pika,” stated Bruce Wagner, CEO of FAME. “We love working with all these co-investors,” said Nathaniel Henshaw, the Managing Director of CEI Ventures and a participant on Pika’s board. “Each brings added value and unique help and perspective to the investment.” CEI invested $450K in Pika and helped refer qualified applicants — including a number of recent immigrants — to job openings at Pika. Henshaw’s sentiment is shared by other Pika investors. Investment manager Jayme Okma Lee, whose Maine Venture Fund invested $700K in Pika, praised the joint effort that helped the company succeed. “It has been a pleasure working with Pika’s management team and investors,” said Lee. “This collective support system effectively helped the Pika team navigate the inherent challenges of creating and growing a successful company.”
Sam Fratoni, Chair of the Maine Angels agrees. "Pika Energy was a great model of the successful outcome possible from utilization of the capabilities within Maine's entrepreneurial ecosystem,” said Fratoni. The Maine Angels epitomized the community-based approach, with 30 members who collectively invested $2M in Pika and served as advisors to the company, including Paul Farrow, who started as a mentor and ended as Pika’s Board Chair. But as much Maine’s entrepreneurial community helped Pika, Pika helped them. With the Generac acquisition, Pika’s lenders and investors have received repayment and returns, and now those funds can be used to support other high-potential entrepreneurs and startups across Maine. “The great thing about the Pika story is that, while the company benefited from a number of innovation ecosystems partners in Maine, the company has also generously given back to the system,” said Brian Whitney, President of MTI, which made multiple investments in Pika totaling over $1M. “Ben Polito, in particular, has been a constant presence on MTI’s Technology Board, volunteering his time and expertise to help the organization review and evaluate funding proposals from Maine companies, and has also helped mentor and advise other entrepreneurs.”
As for what’s next for Pika, Polito is looking forward to the new and exciting partnership Maine’s entrepreneurial ecosystem helped forge. “We're delighted to be part of Generac,” said Polito. “Their additional resources and strong track record of innovation in power systems will help us bring powerful clean energy solutions to more people than ever.”
About the Maine Technology Institute
The Maine Technology Institute (MTI) is an industry-led and publicly funded nonprofit corporation whose core mission is to diversify and grow Maine’s economy. MTI offers grants, loans, equity investments, and services to support Maine’s innovation economy. MTI was founded and funded in 1999 by the Maine State Legislature and has made over $260 million in investments to more than 2,500 projects across the state in total. Working with private sector investors, more than $1 billion has been co-invested. For information on MTI programs, events and resources, visit the Maine Technology Institute at http://www.mainetechnology.org . About FAME
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit http://www.famemaine.com . About CVI and CEI
CEI Ventures Inc. (CVI) integrates financing, business and industry expertise, and policy solutions to grow good jobs, environmentally sustainable enterprises and shared prosperity in Maine and other rural regions. CVI is the venture capital subsidiary of Coastal Enterprises, Inc. (CEI), and manages socially responsible venture capital funds. CEI and CVI are committed to building an economy that works for everyone. Learn more at http://www.ceimaine.org and http://www.ceiventures.com . About Maine Venture Fund
The Maine Venture Fund is a professionally managed venture capital fund that invests exclusively in Maine based companies that demonstrate the potential for significant growth and public benefit. Investing since 1997, the Fund has invested in over 70 Maine companies and continually seeks attractive investment opportunities. Learn more at http://www.maineventurefund.com . About Maine Angels
The Maine Angels are accredited private equity investors who invest in early stage scalable companies and mentor promising entrepreneurs, primarily in Maine. Since its founding in 2003, the Maine Angels has invested over $25M in about 100 startups in a broad spectrum of industries. Learn more at maineangels.org
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Maine’s Innovation Organizations Celebrate Team Victory on Pika Energy...

Generac picks up Pika, enters energy storage market
Editor: Lisa Lucke
Wisconsin-based Generac Holdings Inc. has acquired Pika Energy Inc., a Maine manufacturer of innovative battery storage technologies that capture and store solar or grid power for homeowners and businesses. “Pika’s integrated battery storage solutions are a crucial component in developing a comprehensive system to store and consume clean energy,” said Aaron Jagdfeld, Generac president and CEO. “The visionary ideas and technology that Pika has developed give us a considerable edge as we expand into the rapidly developing market for energy storage.”Pika specializes in advanced power electronics, software and controls for smart energy storage and management, with integrated energy storage systems that allow users to capture, store and use solar energy to reduce energy costs and minimize grid disruptions.“Generac is dedicated to providing people with innovative and forward-thinking solutions to power their homes and businesses,” said Ben Polito, Pika Energy CEO and co-founder. “Pika energy storage technology, combined with Generac’s distribution strength and demand creation capabilities, will make this solution immediately available to more users. We are thrilled to be a part of the Generac team.”
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Generac picks up Pika, enters energy storage market

| Source: Generac Holdings Inc
WAUKESHA, Wis., April  29, 2019  (GLOBE NEWSWIRE) -- Generac Holdings Inc. (NYSE: GNRC) (“Generac” or the “Company”), a global leader in the design and manufacture of a wide range of residential, commercial and industrial power products, announced today the Company has acquired Pika Energy, Inc., a manufacturer of innovative battery storage technologies that capture and store solar or grid power for homeowners and businesses. “Pika’s integrated battery storage solutions are a crucial component in developing a comprehensive system to store and consume clean energy,” said Aaron Jagdfeld, Generac president and CEO. “The visionary ideas and technology that Pika has developed give us a considerable edge as we expand into the rapidly developing market for energy storage.”
Pika is an expert in developing advanced power electronics, software and controls for smart energy storage and management, and their integrated energy storage systems allow users to easily capture, store and use solar energy to reduce energy costs and minimize grid disruptions. The company is located in Westbrook, Maine and was founded in 2010. “Generac is dedicated to providing people with innovative and forward-thinking solutions to power their homes and businesses,” said Ben Polito, Pika Energy CEO and co-founder. “Pika energy storage technology, combined with Generac’s distribution strength and demand creation capabilities, will make this solution immediately available to more users. We are thrilled to be a part of the Generac team.”
“Pika, now together with Generac and Neurio, a leading energy management technology company recently acquired by Generac, share a vision to develop groundbreaking technologies that modernize the way electricity is generated, stored, and used in homes,” said Jagdfeld. “By combining Generac’s expertise in power products; Neurio’s unprecedented insight into home energy use; and Pika’s expertise in battery storage, we can bring to market the first truly intelligent home energy management system.”
The acquisition closed on April 26. Terms of the deal were not disclosed. About Generac (NYSE: GNRC)
Founded in 1959, Generac is a leading designer and manufacturer of a wide range of power generation equipment and other power products. As a leader in power equipment serving residential, light commercial and industrial markets, Generac's power products are available globally through a broad network of independent dealers, distributors, retailers, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. About Pika Energy 
Pika Energy is a manufacturer of clean energy products including solar inverters, DC converters, and smart batteries. Their products enable homeowners and businesses to collect, store and self-consume energy from clean sources in a cost-effective, efficient and user-friendly way. Pika’s distribution partners share their mission in providing a clean, smart, renewable energy management system and can be found across North America and Puerto Rico. Forward-looking Information
Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," “optimistic” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including: 
frequency and duration of power outages impacting demand for our products;
availability, cost and quality of raw materials and key components and labor needed in producing our products;
the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs;
the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period;
the risk that our acquisitions will not be integrated successfully;
difficulties we may encounter as our business expands globally or into new markets;
our dependence on our distribution network;
our ability to invest in, develop or adapt to changing technologies and manufacturing techniques;
loss of our key management and employees;
increase in product and other liability claims or recalls;
failures or security breaches of our networks or information technology systems; and
changes in environmental, health and safety, or product compliance laws and regulations affecting our products or operations. Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission (“SEC”), particularly in the Risk Factors section of the 2018 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements. Any forward-looking statement made by Generac in this press release speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. SOURCE: Generac Holdings Inc.

Generac Acquires Pika Energy, Enters Energy Storage Market

Soligent is a solar distributor in the Americas, supplying renewable energy solutions to thousands of solar installers and contractors nationwide. By developing fulfillment, financing, and other services designed to reduce the time and cost required to install residential and commercial solar systems, Soligent is helping accelerate the adoption of solar while making independent solar dealers more competitive and profitable.On November 11th, 2021, Soligent was acquired by City Electric Supply. The terms of the transaction were not disclosed.

Soligent

`` We are excited to announce our partnership with Pika Energy , Inc and to introduce their product line to our broad installer network , '' said Austin Blackmon , Vice President of Operations & Product Development at Soligent Distribution .

Soligent Distribution to Partner with Pika Energy, Inc

Panasonic is a global developer of technology. It provides consumer electronics, housing, automotive, enterprise solutions, and industrial devices.

Panasonic

MC Assemby Holdings is in the contract manufacturing arena. It provides solutions to original equipment manufacturers and focuses on assembly of medium volume, medium mix printed circuit boards assemblies (PCBAs) and box builds. MC Assembly's capabilities include surface mount and pin-through-hole interconnection technologies, PCB and box build, DFM, DFT, DFA engineering, in-circuit, functional and environmental testing, and full box-build direct order fulfillment.

MC Assembly

Green Mountain Power generates, transmits, distributes and sells electricity in Vermont and is a provider in wind and solar generation.In June 2012, Green Mountain Power merged with Central Vermont Public Service.

Green Mountain Power

Alternative Energy Store is an online retailer of renewable energy products such as solar water pumps and heaters, solar panels, wind turbines, and power usage meters. The company also offers classes in Ohio and Massachusetts for consumers and professionals interested in exploring and installing renewable energy technology.

Alternative Energy Store

Mitel Networks

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Smart Cities

Includes companies working on technology to support renewable energy generation.

Renewable Energy

This collection includes companies that are working on software and hardware to improve grids, utilizing new pricing models, and developing microgrids.

Grid and Utility

This collection includes large and small energy storage technology, from grid-scale molten salt containers to small, thin-film lithium-ion batteries.

Energy Storage

Acquired

Pika Energy is a manufactures solar-plus-storage solutions for residential and commercial renewable energy markets. The Pika Energy Island is a complete home energy storage platform that connects solar PV, smart batteries, loads, and the grid.

Pika Energy

Generac Holdings

Clean Energy Venture Group

Macquarie Clean Technology Fund

CEI Ventures

ElectrIQ Power develops an all-in-one home energy storage and management system that helps optimize energy use, reduce energy costs, and provide sustainable backup power. ElectrIQ Power is a technology company developing hardware and software solutions for the cleantech space.

Mattamy Homes is a homebuilder based out of Toronto, with offices all over Canada and the US.

Name	Work History	Title	Status
Jim Pinard	Mitel Networks	Founder, President	Current
Keith Richtman		Founder	Current
Benjamin Polito		President	Current
Bill Hetzel		Chief Operating Officer	Current
Joshua Kaufman		Chief Technology Officer	Current

Name	Jim Pinard	Keith Richtman	Benjamin Polito	Bill Hetzel	Joshua Kaufman
Work History	Mitel Networks
Title	Founder, President	Founder	President	Chief Operating Officer	Chief Technology Officer
Status	Current	Current	Current	Current	Current

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3M Success Story

Platform Overview

Pika Energy

Executives

Pika Energy Management Team

6 Team Members

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