Arcadia, a global utility data and community solar platform, has announced the completion of a growth round, raising $50 million. The funding will support the expansion of the company’s community solar program and drive product innovation utilizing AI to unlock new energy data use cases.
The round includes investment from Macquarie Asset Management 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.
Kiran Bhatraju, founder and CEO of Arcadia, expressed the company’s commitment to meeting the increasing demand from enterprise customers and community solar developer partners. He highlighted the addition of new solutions like battery storage, heat pumps, and EV charging to their portfolios.
Greg Callman of Macquarie, who will join Arcadia’s Board of Directors, emphasized the company’s role in driving climate innovation through its data platform. He expressed excitement about joining Arcadia and supporting its growth and innovation.
In addition to the growth round, Arcadia secured a new $30 million credit facility with J.P. 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 in 2024 and beyond.
Arcadia has established partnerships 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, solidifying its position as a leader in the green tech sector.
