Climate Tech Startup Arcadia Raises $125 Million in Funding
Washington, DC – January 9, 2023 – Cooley advised Arcadia, a technology company empowering energy innovators to fight the climate crisis, on its $125 million in new funding. Lawyers Derek Colla, Michael Tollini, Asheley Walker, Greg Reith and Dennis Craig led the Cooley team advising Arcadia.
Magnetar Capital led the funding, with existing investor Keyframe Capital participating. Macquarie Asset Management’s Green Investment Group also participated in the round. The growth capital will support the continued development of Arcadia’s game-changing Arc platform and accelerate its industry-leading community solar business.
“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, in a news release. “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.”
Founded in 2014, Arcadia is creating unprecedented access to energy data and renewable energy sources through Arc and the company’s community solar program. By unlocking high-fidelity, global energy data for the first time, the Arc platform combines easy-to-use data and APIs under one roof to allow any company to act on its environmental impact and build the next generation of energy products and climate tech solutions. Arc democratizes access to data from thousands of utility providers in 52 countries, covering more than 95% of US residential and commercial utility accounts. Arcadia also manages the nation’s largest community solar portfolio, helping to tackle energy injustice while spurring economic growth with more than 1.3 gigawatts of solar under management.
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