- Arcadia, a startup with software that connects hundreds of thousands of U.S. households to cleaner and cheaper energy options, announced it raised $30 million
Arcadia — a startup with software that is connecting hundreds of thousands of U.S. households to cleaner and cheaper energy options — raised $30 million to fuel its expanding community solar and retail energy services business according to Green Tech Media. In the past 3 years, Arcadia has built a strong business the energy services space based on software that can aggregate, analyze, and package a variety of energy options for U.S. residential utility customers in different states and utility markets.
Arcadia CEO Kiran Bhatraju pointed out that this has led to a rapidly expanding role for Arcadia as a “community solar manager.” Arcadia has hundreds of thousands of customers and finances hundreds of megawatts of community solar for its developer partners.
This round of funding was led by previous investor G2VP — which led a $25 million round in 2018. And the round also included new investors Macquarie Capital and Macquarie Commodities and Global Markets along with existing investors Mitsui USA, Seek Ventures, Energy Impact Partners, Box Group and ValueAct Capital. Including this round of funding, Arcadia has raised a total of $70 million.
This round of funding will enable Arcadia to expand to new states. As of right now, Arcadia serves customers in NY, Maryland, Rhode Island, and Washington D.C. Next year, the company is planning to expand to Illinois, New Jersey, Colorado, and Massachusetts.
Arcadia does not finance or build solar projects. But it connects with developers with buyers for solar power. And Arcadia also offers customers virtual power purchase agreement products such as wind and solar power purchases. The company is considered the country’s largest residential broker for retail electricity providers in states with competitive energy markets with over $200 million in utility payments to date.
Next year, Arcadia plans to release new energy subscription models in 2020. And the company is also going to expand financing options for in-home devices like smart thermostats and LED lighting.