Digital utility Arcadia Power bags USD 25m in Series B round
Arcadia Power's co-founder and CEO Kiran Bhatraju. Source: Arcadia Power
US renewables-focused digital utility Arcadia Power has closed a USD-25-million (EUR 21.7m) Series B funding round and secured over 120 MW of new capacity for a community solar programme, it announced last week.
The funding round was led by venture capital firm G2VP, with participation from ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup and existing investors.
Arcadia Power offers a platform that integrates with more than 100 utilities across the country and allows renters and homeowners to enroll in clean energy programmes. As part of the Wind Energy programme, the firm matches customers’ usage with 50% or 100% wind energy certificates every month. The Community Solar programme, in turn, allows members to subscribe to a share of a remote community solar park or buy a panel from one of the firm's solar partners.
The company's website lists the 101-MW Leaning Juniper I wind farm in Northern Oregon and the Passaic Plaza community solar farm in New Jersey as featured wind and solar projects.
Arcadia Power says it has experienced 500% member growth over the last 12 months and now has over 175,000 members nationwide. It plans to use the fresh funds to support its growth in all 50 states and to expand its data science and engineering teams.