Pika enacts price cut for its Coral™ smart battery to expand presence in new markets facing energy outages

Pika Energy, maker of the Pika Energy Island™ smart solar-plus-storage platform, announced a price cut of $1,000 for its Coral™ smart battery, effective immediately. The price reduction follows the previous announcement of cost reductions to Pikas Harbor™ smart battery line, lowering prices across all of Pikas smart battery products.

The price reductions have been enabled through scale efficiencies achieved through rapid sales growth and are designed to deepen market share in areas where local demand is surging and other residential storage providers cannot effectively compete on performance.

"With the recent storms in Puerto Rico, Florida, Texas and other coastal regions, demand for powerful energy storage systems has rapidly escalated," said Ben Polito, CEO of Pika Energy. "This demand is often going unmet. Our new, lower prices will enable more of the people who need it most to be able enjoy clean, reliable backup power."

The Coral smart battery is Pikas entry level system but it packs serious power, up to 8kW. This affordable and powerful system will help to meet the surging demand for whole-home backup power in regions recently impacted by severe weather events. Coral is a safe and affordable smart battery built on trusted AGM technology. Coral seamlessly integrates with solar for multi-day protection from extended grid outages.

"Pikas systems have set the bar for excellence in the Puerto Rican energy storage market," said Juan C. Díaz-Galarza, Vice President of Operations at Dynamic Solar in Puerto Rico. "By taking a platform approach, Pika enables homeowners to add more storage and access more power as their needs change. This is very important as storms in the Caribbean continue to intensify and people look for new technologies to keep their homes safe. Instead of living in fear the next hurricane, Pika system owners are ready for the next big storm."

Homeowners are increasingly looking for systems with more power to keep their homes operating normally when the grid goes down. Pikas solar-plus-storage systems deliver up to two times the current and the ability to run major home appliances, like air conditioning. When needs change due to weather events or new utility rates, Pika Energy Island system-owners can uniquely upgrade and expand their system with more or larger batteries, rather than requiring an entire new system.

The demand for Pikas systems has seen strong growth in the last year with Pikas Energy Island sales up 400% in 2018 over 2017 sales. "Our growth in Florida and Puerto Rico alone has been exponential," said Kristen Helsel, Vice President of Sales and Marketing for Pika. "Since opening these markets in early 2018 we have delivered and installed hundreds of systems and expect to install thousands of Energy Island systems in this market in 2019."

About Pika Energy, Inc.
Pika Energy, Inc. is a leading manufacturer of U.S.-made direct current (DC) power electronics. Headquartered in Westbrook, Maine, Pika Energy's award-winning products include bi-directional islanding inverters, smart batteries and solar optimizers. All Pika Energy products are powered by the REbus™ DC Nanogrid, enabling faster installations and more powerful, efficient performance. Pika Energy's products enable building owners to collect, store and self-consume energy from clean sources. Learn more at http://www.pika-energy.com.