Arcadia Power raises $3.5 million, providing clean energy options to electricity customers nationwide
$3.5M in funding positions Arcadia Power as a trusted energy services company giving customers the clean energy options they demand across utilities in all 50 states
WASHINGTON, Aug. 18, 2016 /PRNewswire/ -- Arcadia Power, a nationwide clean energy company, announced today $3.5 million in funding led by BoxGroup and Wonder Ventures to provide clean energy options and services directly to utility customers.
Arcadia's direct-to-consumer software platform allows customers across 450+ utilities - in all 50 states - to better manage home energy use. Customers link their utility account to Arcadia, which tracks usage and automatically matches it with renewable energy certificates from wind farms, certifying a clean power footprint. New customers are automatically enrolled in the free 50% Wind Energy option and can choose to upgrade to 100% or participate in other programs such as Community Solar and LED financing.
"For nearly 100 years utilities have provided consumers with few choices or options," said Kiran Bhatraju, co-founder and CEO of Arcadia Power. "We want to empower customers to take control of their home energy use."
Arcadia's platform provides a cleaner, better home energy experience. The company offers automatic credit card payments, a personalized dashboard to track usage and impact, and rewards to partner companies. The $3.5 million capital raise will also allow Arcadia to expand its consumer energy options to include community solar and on-bill financing of energy efficient products like smart thermostats and LED lighting, which can save customers 10 - 30% on their annual energy costs.
Nearly 10,000 customers have already chosen Arcadia's premium offering matching 100 percent of customer usage for just 1.5 cents per kilowatt-hour. The company launched its free 50% Wind option so people who want to reduce their carbon footprint can do so regardless of income level.
"More than 140 million households in the US pay a power bill every month, and we want to enable anyone who believes in a clean energy future to act on it," said Ryan Nesbitt, co-founder and President of Arcadia. "Customers can start using cleaner energy for free, so it's really a no brainer."
Arcadia has a network of sustainable partner organizations including the Sierra Club, League of Conservation Voters (LCV), DailyKos, Demand Progress and others. "With Arcadia's nationwide availability, our members are able to take direct action to help support a clean energy future, and we love that," says Maggie Bruns, Director of Member Programs at LCV.
Media contact: Silvio Marcacci, [email protected]
About Arcadia Power
Arcadia Power is a nationwide renewable energy company founded with one simple mission in mind: to make our world better by changing how we power our homes and businesses. Arcadia was founded in 2014 and has grown quickly to 10,000+ customers across all 50 states, helping its customers use over 80,000,000 clean kilowatt-hours of power to date. The company is based in Washington, D.C. and is a Certified B-Corp. For more information visit www.arcadiapower.com
SOURCE Arcadia Power
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