WASHINGTON, June 2, 2017 /PRNewswire/ -- Arcadia Power, a nationwide clean energy platform, today announced that it has closed a $6 million Series A investment round led by Energy Impact Partners (EIP), with participants including prior investors BoxGroup and Wonder Ventures. The capital raised will be used to increase Arcadia Power's utility partnerships, expand the company's community solar projects, and roll out new product offerings.
Arcadia Power's platform connects homeowners and renters to clean energy programs and savings opportunities via the nation's most extensive utility billing and data API. Customers can sign-up in minutes, pay their utility bills through Arcadia Power, and immediately realize the benefits of 50% wind-powered clean energy at no additional cost (or 100% wind energy for a small fee) through green e-certified renewable energy certificates.
"Our goal since Day 1 has been to provide all utility customers with a modern experience and the options they deserve for affordable clean energy," said Kiran Bhatraju, co-founder and CEO of Arcadia Power. "Energy Impact Partners is a strong supporter of tech and business models that enhance customer-utility engagement to drive sustainable energy generation and consumption. Their investment will enable us to bring innovative energy products to customers and utility partners nationwide."
In 2016, Arcadia Power replaced the equivalent of burning 75,000 tons of coal with 200 million kilowatt-hours of Green-e certified wind energy on behalf of its customers. Arcadia Power has achieved double-digit month-over-month customer growth since Bhatraju and co-founder & President Ryan Nesbitt launched the company back in 2014, and it currently has 25,000 active users on its platform. The Portable Panel program – the first and only nationwide community solar program in the US – sold out in just a few days to customers across 42 states.
"This investment is another example of our model at work: backing innovative companies with scalable business models where our utility partner network can make a difference," commented Hans Kobler, CEO and Managing Partner at EIP. "We are very pleased to team up with Arcadia Power to build a more customer-centric energy ecosystem."
"In a relatively short amount of time, Arcadia has been able to develop valuable customer relationships with a highly engaged customer base," said Sameer Reddy, the Vice President at EIP who led the deal. "As utilities look for additional opportunities to drive revenues through a differentiated customer experience, partnering with solutions like Arcadia's will be increasingly important."
To learn more and open an account with Arcadia Power, go to arcadiapower.com.
About Arcadia Power
Arcadia Power is a nationwide clean energy platform founded with one simple mission in mind: changing how we power our homes and businesses to clean, renewable energy. Arcadia was founded in 2014 and has grown quickly to 25,000+ customers across all 50 states, helping its customers use over 200 million clean kilowatt-hours of power to-date. The company is based in Washington, D.C., is a proud B-Corp, and was recently named a "World Changing Idea" by Fast Company.
About Energy Impact Partners
Energy Impact Partners is a collaborative strategic investment firm that invests in companies optimizing energy consumption and improving sustainable energy generation. Through close collaboration with its strategic investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP's partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, Tokyo Electric, and MGE Energy. For more information, visit www.energyimpactpartners.com.
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SOURCE Arcadia Power