Arcadia, a global utility data and community solar platform, announced the closing of a growth round. This funding will support the continued growth of the company’s community solar program and product innovation utilizing AI to unlock new use cases built on the company’s substantial energy data.
This funding round includes a fund managed by Macquarie Asset Management as a new equity investor, along with existing investors Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group.
Along with the growth round’s closing, Arcadia closed a new $30 million credit facility with J.P. Morgan. Along with an amendment to its existing facility with TriplePoint Capital, the facility offers incremental financing flexibility at a lower cost of capital.
Last year, Arcadia made significant progress in its goal 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 funding will fuel continued growth across business lines this year and in the future.
KEY QUOTES:
“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.”
– Kiran Bhatraju, founder and CEO of Arcadia
“We believe Arcadia and their technology sit at the center of so much climate innovation. 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.”
– Greg Callman of Macquarie, who will also join the company’s Board of Directors
