Saturday, July 20, 2024

Arcadia raises $50M to accelerate product innovation and fuel continued growth

Arcadia, a global utility data and community solar platform, announced the close of a growth round. This financing will support the continued growth of the company’s market-leading community solar program, alongside product innovation leveraging AI to unlock new use cases built on the company’s trove of energy data.

The round includes a fund managed by Macquarie Asset Management (“Macquarie”) as a new equity investor, alongside existing investors Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group.

“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,” said Kiran Bhatraju, founder and CEO of Arcadia.

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“We believe Arcadia and their technology sit at the center of so much climate innovation,” said Greg Callman of Macquarie, who will also join the company’s Board of Directors. “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.”

Concurrent with the close of the growth round, Arcadia closed a new $30M credit facility with J.P. Morgan. The facility, alongside an amendment to its existing facility with TriplePoint Capital, provides incremental financing flexibility at a lower cost of capital.

In 2023, Arcadia saw significant progress in its mission to build a foundational, comprehensive platform that centralizes energy data for businesses, empowers climate innovators, and facilitates access to community solar for businesses and consumers. This financing serves to fuel continued growth across business lines in 2024 and beyond.

Arcadia continues to partner with the world’s largest corporations to help solve their energy data, reporting, and decarbonization challenges. This year, Arcadia became the first community solar provider to reach 2 gigawatts (GW) under management, and was recognized as one of America’s Top GreenTech Companies by TIME and Statista.

SOURCE: PRNewswire

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