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Arcadia Raises $50M In Growth Round, "To Accelerate Product Innovation"
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Arcadia announced the close of a growth round and said that it raised $50M
"This financing will support the continued growth of the company's market-leading community solar program, alongside product innovation leveraging AI to unlock new use cases built on the company's trove of energy data," the company said
The round includes a fund managed by Macquarie Asset Management ("Macquarie") as a new equity investor, alongside existing investors Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group.
"With this funding, Arcadia can continue to meet growing demand from our 300+ enterprise customers and 75+ community solar developer partners, all of whom are accelerating deployment and adding new solutions like battery storage, heat pumps, and EV charging to their portfolios," said Kiran Bhatraju, founder and CEO of Arcadia.
Concurrent with the close of the growth round, Arcadia closed a new $30M credit facility with J.P. Morgan. The facility, alongside an amendment to its existing facility with TriplePoint Capital, provides incremental financing flexibility at a lower cost of capital, Arcadia said
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April 11, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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