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

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

ArcadiaA global utility data and community solar platform has announced the completion of a development round, raising $50 million. The funding will support the expansion of the company's community solar program and support product innovation using AI to unlock new use cases for energy data.

The round includes existing investors Energy Impact Partners, JP Morgan Asset Management, Box Group, G2 Venture Partners, Camber Creek, Triangle Pack Partners, and Broadscale Group, along with Macquarie Asset as a new equity investor. Includes management investment.

Arcadia Founder and CEO Kiran Bhatraju expressed the company's commitment to meet the growing demand from enterprise customers and community solar developer partners. They highlighted the addition of new solutions such as battery storage, heat pumps and EV charging to their portfolios.

Macquarie's Greg Kallman, who will join Arcadia's board of directors, emphasized the company's role in driving climate innovation through its data platform. He expressed his excitement to join Arcadia and support its growth and innovation.

In addition to the growth round, Arcadia secured a new $30 million credit facility with JP Morgan, providing increased financing flexibility at a lower cost of capital.

In 2023, Arcadia made significant strides in centralizing energy data for businesses, empowering climate innovators, and facilitating access to community solar. The funding will enable continued growth across business lines through 2024 and beyond.

Arcadia has partnered with major corporations to address energy data, reporting, and decarbonization challenges. Recently, the company achieved a milestone by managing 2 gigawatts (GW) of community solar, cementing its position as a leader in the greentech sector.

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