CEV legacy portfolio company, Pika Energy, was acquired by Generac Holdings (NYSE: GNRC).
We are very excited about this acquisition as well as Generac’s commitment to deploy Pika’s technology at an accelerating pace to help realize our and Pika’s vision of a clean energy future.
Please click here to read the press release.
Cambridge, MA, May 10, 2019 – Clean Energy Venture Group (CEVG), an early-stage clean energy investor, is pleased to announce the acquisition of its portfolio company, Pika Energy, by Generac Holdings (NYSE: GNRC).
CEVG originally invested in Pika Energy in 2016 and has funded the company through multiple rounds over the past four years and served on the board of directors while advising the company on business strategy, leadership team development, intellectual property and technology commercialization. CEVG leveraged its partners’ extensive experience in the clean energy sector and helped the company enter the distributed energy storage market over the three-year period.
“CEVG has been an outstanding partner for Pika Energy over the last three years. We are lucky to have had the deep expertise, constant operational and strategic support, introductions to customers, and significant investment, all of which has helped us grow into a technology leader in the manufacturing of clean energy products, including solar inverters, DC converters, and smart batteries. I’m grateful for their active leadership, support and partnership, especially David Miller and John Bobrowich who served on the Pika Board of Directors,” said Ben Polito, President and CEO of Pika Energy.
“It has been extremely rewarding to partner with Pika Energy and help the company grow into the market leader it is today,” said David Miller, previously Managing Director for CEVG and currently cofounder and Managing Director of Clean Energy Ventures, a $100M early-stage venture fund. “Pika’s continuing success is a testament to the commitment of its management team and employees to solving their customers’ unique challenges while addressing significant energy market obstacles and making renewables more cost competitive.”
About Clean Energy Venture Group
Clean Energy Venture Group is an investment group with offices in Boston and New York which provides seed capital and management expertise to early stage clean energy companies. The group is comprised of seasoned operating executives with strong capabilities in the energy and environmental sectors. With each investment, we bring not only capital, but also the value of our experience and network to help companies achieve their goals. Our focus is in the Northeastern United States, but we occasionally invest in companies located in other areas within North America. Our mission is to invest in and support early stage clean energy companies that have the potential to mitigate climate change and achieve attractive financial returns. We collaborate with entrepreneurs and other stakeholders in an atmosphere of mutual respect, intellectual curiosity and analytical rigor.