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Arcadia, a global utility data and community solar platform, has announced the successful closure of a growth round of financing. This investment will bolster the company’s leading community solar program and facilitate product innovation, harnessing artificial intelligence to unlock new use cases from its extensive energy data repository.
The growth round, which includes a fund managed by Macquarie Asset Management (Macquarie) as a new equity investor, also features participation from existing investors such as Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group.
Founder and CEO of Arcadia, Kiran Bhatraju, expressed optimism about the funding, stating, “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.”
Greg Callman of Macquarie, who will join Arcadia’s Board of Directors, highlighted the company’s pivotal role in climate innovation, stating, “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.”
In conjunction with the growth round, Arcadia also secured a new $30 million credit facility with J.P. Morgan, providing incremental financing flexibility at a lower cost of capital, alongside an amendment to its existing facility with TriplePoint Capital.
In 2023, Arcadia made significant strides in its mission to build a comprehensive platform centralizing energy data for businesses and empowering climate innovators. This financing will fuel continued growth across business lines in 2024 and beyond.
Arcadia’s partnerships with major corporations have enabled it to address energy data, reporting, and decarbonization challenges. This year, the company achieved the milestone of becoming the first community solar provider to manage 2 gigawatts (GW) and was recognized as one of America’s Top GreenTech Companies by TIME and Statista |
