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Climate technology company Arcadia announced that it has raised $50 million, with proceeds from the […]]
Climate Tech Platform Arcadia Raises $50 Million for Community Solar, Energy Data Solutions – ESG Today
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Climate Tech Platform Arcadia Raises $50 Million for Community Solar, Energy Data Solutions
Mark Segal
April 15, 2024
Climate technology company Arcadia announced that it has raised $50 million, with proceeds from the financing aimed at growing the company’s community solar program and supporting AI-based product innovation to enable new use cases for its energy data platform.
Launched in 2014, Washington D.C.-based Arcadia provides energy data solutions aimed at enabling enables consumers, businesses and developers to access and expand clean energy solutions. The company’s solutions include community solar subscriptions, enabling homes and businesses to access renewable energy without needing to install solar panels by connecting to local solar farms, and solutions for developers including customer churn replacement, allocations management, billing and remittance, utility data exchange, customer service and engagement, and reporting. Arcadia currently has over 2 GW of solar energy under management, with more than 200,000 homes and 2,500 organizations connected to solar farms.
Arcadia also provides its global utility data-based Arc Platform, providing on-demand to centralized account and meter information on energy usage, cost, and utility data to enable businesses build energy solutions and meet sustainability goals, with API-based solutions to deliver on carbon reporting goals, energy cost forecasting, understanding the value of solar, storage and electrification projects, and load shifting or tariff optimization-based cost savings, as well as automated bill management for energy and water.
Kiran Bhatraju, founder and CEO of Arcadia, said:
“With this funding, Arcadia can continue to meet growing demand from our 300+ enterprise customers and 75+ community solar developer partners, all of whom are accelerating deployment and adding new solutions like battery storage, heat pumps, and EV charging to their portfolios.”
Investors in the new funding round included a fund managed by Macquarie Asset Management as a new equity investor, with Macquarie Senior Managing Director Greg Callman also joining Arcadia’s Board of Directors, and J.P. Morgan Asset Management, which led a prior funding round for Arcadia, as well as other existing investors including Energy Impact Partners, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group. Arcadia also announced the closing of a new $30 million credit facility with J.P. Morgan.
Callman said:
“We believe Arcadia and their technology sit at the center of so much climate innovation. Their data platform aims to unlock utility and energy data for a wide range of businesses and use cases, enabling the next wave of climate solutions. I’m excited to join the Arcadia team as a board member and look forward to seeing their continued growth and innovation.”
Mark founded ESG Today following a 20 year career in investment management and research. Prior to founding ESG Today, Mark worked at Delaney Capital Management (DCM) in Toronto, Canada, most recently as the firm’s head of U.S. equities. While at DCM, Mark was part of the firm’s ESG team, responsible for evaluating and tracking the sustainability factors impacting portfolio companies, and assessing the suitability of companies for portfolio inclusion. Mark also spent several years in the sell-side research industry, covering the technology and services sectors. Mark holds an MBA from Columbia University in New York, a BBA from the Schulich School of Business at York University in Toronto, and is a CFA charterholder.
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