D.C. climate tech unicorn Arcadia said Thursday it has raised a $50 million growth round to support its community solar platform and expansion efforts.
The new round included participation from a fund managed by Sydney’s Macquarie Asset Management and involvement from Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup and Broadscale Group — all of New York City — as well as Portola Valley, California’s G2 Venture Partners, D.C.’s Camber Creek and Palo Alto, California’s Triangle Peak Partners.
Greg Callman of Macquarie will join Arcadia’s board as part of the deal.
"We believe Arcadia and their technology sit at the center of so much climate innovation," Callman said in a statement. "Their 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.”
Arcadia said the funding will go toward using AI to unlock new use cases for its products built on the 10-year-old company's trove of energy data.
Led by CEO Kiran Bhatraju, Arcadia manages more than 75 community solar projects, connecting renters, homeowners and businesses to local solar farms so they can access clean energy without building solar panels on their own roofs. It also operates its Arc platform, which provides aggregated data on energy usage and pricing to help companies measure their climate impact. It has more than 300 corporate clients that use Arc — among them carmaker Ford Motor Co. and electric vehicle charging network EVgo.
Concurrent with the close of the growth round, Arcadia said it has also closed a new $30 million credit facility with J.P. Morgan. The new credit facility, alongside an amendment to Arcadia’s existing facility with Menlo Park, California’s TriplePoint Capital, will offer “incremental financing flexibility at a lower cost of capital,” the company said.
After closing a $200 million round of funding in 2022, Arcadia was valued at $1.5 billion. It raised another $125 million round later that year. Arcadia has raised more than $575 million since its founding, according to Crunchbase.
Bhatraju is a former Diversity in Business Awards honoree from the Washington Business Journal.
