Arcadia, a global utility data and community solar platform, has announced the closure of a growth round aimed at bolstering its community solar program and driving innovation through AI-powered solutions.
The financing round includes 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.
The infusion of funds will enable Arcadia to meet the escalating demand from its 300+ enterprise customers and 75+ community solar developer partners. The company is poised to accelerate the deployment of renewable energy solutions while introducing new offerings such as battery storage, heat pumps, and EV charging to its portfolio.
Kiran Bhatraju, founder and CEO of Arcadia, expressed enthusiasm about the funding’s potential impact. “With this investment, Arcadia is well-positioned to address the evolving needs of our diverse clientele,” remarked Bhatraju. “Our commitment to innovation and sustainability remains steadfast as we leverage AI technology to unlock new possibilities in the energy sector.”
Greg Callman of Macquarie, who will join Arcadia’s Board of Directors, said: “Arcadia’s data platform holds immense potential to revolutionize utility and energy data utilization across various industries.”
In conjunction with the growth round, Arcadia secured a new $30 million credit facility with J.P. Morgan, further enhancing its financial flexibility and reducing its cost of capital. These financial arrangements position Arcadia for continued expansion and success in 2024 and beyond.
Arcadia’s achievements in 2023 underscored its commitment to building a comprehensive platform centralizing energy data and facilitating access to community solar initiatives. Notably, the company surpassed the milestone of managing 2 gigawatts (GW) of community solar capacity, solidifying its position as a leader in the renewable energy sector.
As Arcadia continues to collaborate with major corporations to address energy data, reporting, and decarbonization challenges, its recognition as one of America’s Top GreenTech Companies by TIME and Statista underscores its commitment to sustainability and innovation on a global scale.
GreentechLead.com News Desk