Arcadia Secures $50 Million to Advance Utility Data and Community Solar Platform
Arcadia, a climate technology company based in Washington-DC, has successfully raised $50 million to enhance its utility data and community solar platform. This recent funding round includes a significant investment from Macquarie Asset Management, joining as a new equity investor, alongside continued support from existing backers such as Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group. Greg Callman from Macquarie will also join Arcadia’s Board of Directors as part of the investment.
In addition to the equity funding, Arcadia has secured a $30 million credit facility from J.P. Morgan, supplemented by an amendment to its existing facility with TriplePoint Capital. This new financial arrangement is aimed at enhancing the company’s financing flexibility while reducing the cost of capital, supporting further growth initiatives.
Arcadia plans to utilize the new funds to expand its community solar program and continue product innovation, incorporating artificial intelligence to develop new applications based on its extensive energy data. Founded in 2014 by CEO Kiran Bhatraju, Arcadia’s platform aims to unlock global energy data for businesses, facilitating solutions that promote electrification and decarbonization. To date, Arcadia has raised a cumulative total of $575.5 million over 16 funding rounds and has expanded its impact through five acquisitions, the most recent being Oregon Shines in 2023.
