Arcadia raises $125M to accelerate digital decarbonization
Arcadia, the technology company enabling the global energy transition, today announced it has raised $125 million in new funding led by Magnetar Capital, with existing investor Keyframe Capital participating. Macquarie Asset Management’s Green Investment Group also participated in the round. Eric Scheyer, Partner and Head of Energy and Infrastructure at Magnetar, will join the Arcadia Board of Directors.
The growth capital will support the continued development of Arcadia's game-changing Arc platform, and accelerate its industry-leading community solar business. Over 300 new energy companies use Arcadia to personalize energy products such as creating auditable carbon accounting reports, optimizing EV charging schedules, creating rooftop solar and storage proposals, and delivering community solar savings on a single bill.
“Our platform is unlocking the big grid worldwide, providing simple APIs and software solutions for hundreds of the leading companies across electrification,” said Kiran Bhatraju, founder and CEO of Arcadia. “Our customers are driving residential and commercial decarbonization through personalized energy solutions that couldn’t exist without easy access to utility data, tariffs, and payments.”
“Arcadia has the opportunity to play a transformational role in the global energy transition,” said Eric Scheyer, head of Magnetar’s energy and infrastructure group. “The Arc platform, with its robust scale and an emphasis on data integrity, is positioned to play a key role in supporting the decarbonization efforts and innovations that are becoming integral to the global economy.”
In 2022 Arcadia saw significant progress on its mission to combat the climate crisis through data access. With May’s acquisition of Urjanet, the recent agreement for Arc to serve as the utility data provider for the Salesforce Net Zero Cloud platform, and the addition of experienced board members, Arcadia is primed for significant growth and impact in the years to come.
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