Arcadia Raises $50M to Accelerate Product Innovation and Fuel Continued Growth
Arcadia, a pivotal player on the global stage for utility data and community solar platforms, has successfully secured a significant $50 million in a fresh round of growth financing. This strategic influx of capital is dedicated to propelling the expansion of the company’s pioneering community solar program and catalyzing product innovation with an emphasis on harnessing AI. The objective is to pioneer new applications built upon Arcadia’s extensive repository of energy data.
Among the investors participating in this round is Macquarie Asset Management (“Macquarie”), stepping in as a new equity investor. They are joining forces with a group of existing backers, including Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group. Together, these investments underline a solid vote of confidence in Arcadia’s vision and its trajectory of innovation and growth.
“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,” remarked Kiran Bhatraju, the company’s founder and CEO. This statement highlights Arcadia’s commitment to not only advancing its existing offerings but also embracing emerging technologies and solutions that support a sustainable future.
Arcadia has also welcomed Greg Callman from Macquarie onto its Board of Directors. Callman noted, “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.” His enthusiasm about joining the board is a reflection of the potential he sees in Arcadia’s technology to drive forward the climate tech industry.
In parallel with this funding round, Arcadia has secured a new $30 million credit facility with J.P. Morgan. This arrangement, together with an amendment to its existing facility with TriplePoint Capital, enhances Arcadia’s financial agility and reduces capital costs. These developments come on the heels of a year marked by considerable progress in Arcadia’s quest to construct a comprehensive platform that centralizes energy data for businesses, champions climate innovation, and democratizes access to community solar for both businesses and consumers alike.
2023 was a pivotal year for Arcadia as it forged partnerships with leading global corporations to address their energy data, reporting, and decarbonization needs. The company also achieved a landmark by becoming the first community solar provider to manage 2 gigawatts (GW) of capacity, cementing its position as a leader in America’s GreenTech sector as recognized by TIME and Statista.
About Arcadia:
Arcadia is at the forefront of climate technology, facilitating the transition to a clean energy future. Its data platform unlocks the potential of global energy data for businesses, fueling solutions that promote electrification and decarbonization. Since its inception in 2014, Arcadia has been driven by the belief that clean energy should be accessible to all, managing the most extensive community solar program in the nation.
