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Arcadia Raises $30M Series C to Accelerate Nationwide Consumer Access to RenewablesWASHINGTON, Dec. 10, 2019 /PRNewswire/ -- Today Arcadia (previously Arcadia Power) announced the closure of a $30M Series C funding round to accelerate the consumer technology company's mission of providing simplified and equitable clean energy access to all Americans. The round is led by G2VP with participation from new investors Macquarie Group and Seek Ventures, and existing investors Mitsui USA, Energy Impact Partners, BoxGroup, and ValueAct Spring Fund. The funding follows a year of rapid growth for Arcadia, now the largest residential community solar manager in the country. The company saw 300 percent revenue growth in the last year and now manages 4.5 terawatt-hours of energy demand.
In 2020, the company has immediate plans to expand community solar access from four to eight states, release new energy subscription pricing models, and incentivize customers to use smart home devices to lower and shift their energy consumption. The company is also rebranding from Arcadia Power to Arcadia - a change that aligns with the company's current and future market position and goal of providing a complete home energy platform. At a time when corporate giants are making headlines for purchasing renewable energy, Arcadia meets the rapid rise in consumer demand for clean energy. The amount of renewable electricity being voluntarily bought has increased nearly 300 percent since 2010. And, in 2018, the majority of Americans stated they would choose wind and solar over fossil fuel energy. Arcadia makes this choice simple and accessible for customers in all 50 states. "Arcadia unlocks residential demand for clean energy by providing simple and compelling products to the customer," said Greg Callman, Global Head of Energy Technology at Macquarie Capital. "Behind the scenes, renewable project developers, trading desks, technology players, utilities and cpital providers can connect and manage the complexity. We're thrilled to be involved, and to leverage capabilities across Commodities and Global Markets, Macquarie Capital and the Green Investment Group, which is entirely focused on making green projects happen." Arcadia's technology works by bridging the gap between consumers, producers of clean energy, and utilities. The company's data and billing platform manages consumer utility accounts to bundle clean energy, energy efficiency tools and products, rate monitoring, and more in a single, unified account experience. Just as fintech companies like Wealthfront or Mint.com have helped users make smart financial decisions, Arcadia takes the guesswork out of making better energy choices. Members reduce their carbon footprint by 50 percent just by signing up, and members in open energy markets experience 20 percent average savings on their monthly energy bill compared to traditional retail suppliers. "Consumers are demanding a new type of home energy service that is fossil-fuel free, efficient, and easy," said Kiran Bhatraju, CEO of Arcadia. "Giving people an option to support clean energy is one of the fastest ways to decarbonize our grid and in order to do that at scale, we have to make sure everyone – in all 50 states – can participate. I'm incredibly proud to be one of the few companies in energy focused on accessibility and equity, and we're excited to be joined by the best investors in energy on this journey to decarbonize the grid one power bill at a time." About Arcadia About G2VP About Macquarie Group Contact:
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