arcadia, a startup that provides people with a way to access renewable energy without turning to power companies, has raised $100 million to fuel its expansion.
running news: New investors Tiger Global Management and the drawdown fund led a Series D round for the company founded in 2013, which has now raised $180 million in total.
- Other new backers include Wellington Management and Reimagined Ventures, and existing investors in the latest round include Energy Impact Partners and G2 Venture Partners.
how it works: A major part of Arcadia’s businesses is providing solar power to people who cannot install panels because they live in multi-unit buildings or do not own a home.
- Arcadia connects residential customers with nearby customers “Community Solar” projects, a growing form of solar in which, as noted by the Solar Energy Industry Association, many customers subscribe to electricity from a project and receive credit on their bills.
- Money is also slated to help it expand to provide commercial businesses with community solar access.
- Arcadia is also tapping other business lines. It recently bought NanoGrid, a software company with services like helping it charge electric vehicles when the grid is the cleanest of the mix.
- “We are getting into more and more energy products, energy options in the home,” Founder and CEO Kiran Bhatraju told Nerdshala.
What are they saying: Bhatraju said in an interview that the $100 million round is “a validation of the market’s growth, that it could one day be bigger than rooftop solar.”
- The company bills this as a way to democratize energy access and help consumers navigate the confusing energy market while reducing electricity bills.
- Arcadia manages 500 MW worth of community solar, and Bhatraju said they have had 500% revenue growth since 2019.
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