Arcadia raised $125 million to support its Arc platform and community solar business, the company announced Dec. 16 in a press release.
The platform allows companies to personalize energy products and find climate tech solutions through its integrated suite of application programming interfaces (APIs).
"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, Arcadia founder and CEO. "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."
Arcadia’s energy transition technology is used by over 300 energy companies to personalize energy products. The company offers support with auditable carbon accounting reports, electric vehicle charging schedules, rooftop solar and storage proposals and community solar savings.
The new funding was led by Magnetar Capital, with Keyframe Capital and Macquarie Asset Management’s Green Investment Group participating. Eric Scheyer, Magnetar partner and head of energy and infrastructure, will join Arcadia’s board of directors as part of Magnetar’s investment.
"Arcadia has the opportunity to play a transformational role in the global energy transition," said Scheyer. "The Arc platform, with its robust scale and an emphasis on data integrity, is positioned to play a key role in supporting the decarbonization efforts and innovations that are becoming integral to the global economy."
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