Climate data company Arcadia closes USD-50m growth round

US energy data company Arcadia has closed a USD-50-million (EUR 47m) round to support growth of its community solar programme and drive product innovation leveraging AI to unlock new applications based on its stockpile of energy data.

A fund managed by Macquarie Asset Management participated as a new equity investor, together with existing investors Energy Impact Partners, JP Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners and Broadscale Group.

Arcadia, which manages community solar assets and provides companies with utility data, earlier this year claimed to have become the first community solar provider in the US to reach 2 GW under management.

"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," Arcadia founder and chief executive Kiran Bhatraju said on Thursday.

"Their [Arcadia’s] 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,” commented Greg Callman of Macquarie, who will join the company's board of directors.

Arcadia at the same time closed a new USD-30-million credit facility with JP Morgan, which together with an amended existing facility with TriplePoint Capital, provides additional financing flexibility at a lower cost of capital, according to the announcement.

(USD 1 = EUR 0.932)

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