Clean energy co Arcadia pockets USD 100m to grow

US renewable energy retailer Arcadia has secured USD 100 million (EUR 84.9m) in a Series D funding round that will help it scale up its community solar offerings and tap into new markets such as electric vehicles (EVs).

Arcadia is a home energy platform that facilitates the connection between residential clients and community solar projects by offering power subscription programmes. Apart from enhancing its community solar portfolio, Arcadia will use the fresh funds to expand into new verticals, such as electric vehicles and distributed energy resources, in line with its ambitions to “democratize access to energy data and renewables. This idea was backed by its recent acquisition of Nanogrid, a software company that enables EV owners recharge at the cheapest rates and provides personalised data solutions for home energy products.

"For years, utility customers have lacked data and clean energy access because of the monopoly structure. Access to energy data is a critical tool in helping customers navigate rapid electrification in sectors like transportation and home energy generation and storage," CEO and founder Kiran Bhatraju said on Wednesday.

The funding round was led by Tiger Global Management and the Drawdown Fund. Among the new investors that joined the company are Wellington Management, Reimagined Ventures and Camber Creek, while investments were also received from existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital and BoxGroup.

The fundraising comes on the heels of a Series C-1 funding round in December, when Arcadia raised USD 21 million.

(USD 1.0 = EUR 0.849)

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