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Arcadia Power, a Washington DC-based developer of a digital public utility, closed a $25m Series B funding round and secured 120 MW of a new capacity for a community solar programme.
The round was led by venture capital firm G2VP, with participation from ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup, and existing investors.
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The company intends to use the new funds for the rapid growth in all 50 states, the expansion of its data science and engineering teams, and an acceleration of new flexibility services for utilities and smart home technology companies.
Led by CEO Kiran Bhatraju, Arcadia Power operates a digital public utility that connects everyone to clean energy and energy efficiency choices. The members have access to a mobile-optimized online dashboard where they can enroll in clean energy programs (Wind Energy, Community Solar, Price Alerts, Home Efficiency, Bill Pay), track their account activity, and view their energy usage all in one place.
The company which was founded in 2014 now provides a direct-to-consumer platform and integrates with more than 100 utilities in all 50 states and is used by more than 175,000 people.
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