- Arcadia raises $200million to fund JP Morgan Sustainable Growth Equity Team.
- Arcadia crossed 700MW of community solar in April.
- Keyframe and others join other investors in the funding.
Arcadia, a digital firm based in the United States that maintains community solar assets and delivers utility data to businesses, has raised USD 200 million (EUR 189.6 million) in a funding round led by JP Morgan Asset Management’s Sustainable Growth Equity Team.
The funds will expand Arc to new use cases and broaden data coverage to include commercial utility data. This will entail aiding businesses in achieving their sustainability goals.
Arcadia’s digital platform, Arc, and its community solar initiative provide access to energy data and renewable energy sources. Over 80% of US electric utility accounts are covered by the platform, with data from 125 utilities across the country. Arcadia crossed 700 MW of community solar under management in the United States in April.
In addition to JP Morgan, new investors Keyframe Capital, Broadscale Group, and Triangle Peak Partners joined current investors Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, and Drawdown Fund in the round.