Washington, DC – May 12, 2022 – Cooley advised Arcadia, a technology company empowering energy innovators to fight the climate crisis, on its $200 million funding round, which values the startup at roughly $1.5 billion. Lawyers Derek Colla and Asheley Walker led the Cooley team advising Arcadia.
The financing round was led by JP Morgan Asset Management’s sustainable growth equity team. The funding will help accelerate the impact of Arc – Arcadia’s data and application programming interface platform – by expanding data coverage and new product development to empower companies to monitor, report, and act on their carbon impact.
“Access to comprehensive, accurate utility data has been a fundamental barrier for businesses looking to build climate tech,” Kiran Bhatraju, founder and CEO of Arcadia, said in a company blog post. “This fundraising round will accelerate and expand what’s possible with our data and API platform, Arc,” he added.
Founded in 2014, Arcadia is creating unprecedented access to energy data and renewable energy sources through Arc and the company’s community solar program. Arc fuels the renewable energy revolution by democratizing access to energy data from 125 utilities nationwide, covering more than 80% of US electric utility accounts. Arcadia also manages the nation’s leading community solar program, helping to tackle energy injustice while spurring economic growth with more than 700 megawatts of solar under management.
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