Renewable energy technology startup Arcadia raised $200 million in a funding round led by J.P. Morgan Asset Management's Sustainable Growth Equity Team. The funds pushed Arcadia’s value to $1.5 billion.

Arcadia said the funding will be used to expand the reach of its Arc utility data and API platform. The platform was released in November of last year, and aims to allow companies to monitor, report, and act on their carbon footprint. 

Arc creates a digital layer of energy data, analytics, billing, and optimization capabilities, enabling real-time visibility and control over energy usage and costs. The Arc user interface, Connect, integrates with data covering more than 80% of US electric utility accounts and 125 utilities nationwide. Ultimately, the platform can connect businesses, products, or services directly to renewable energy sources.

Telecommunication operators are a perfect example of companies that need a one-to-many data and API platform uniquely suited to them, Curtis Snyder, GM of the Arc platform, told SDxCentral in an email. Snyder added that Arcadia’s tool can help accurately measure energy use, allowing companies to manage usage and ultimately cut costs.

“It is difficult for these highly-distributed corporations like telecoms to manage their energy use,” he said. “A unique challenge for telcos is their energy use makes it particularly hard for them to manage their energy spending. They run networks that are powered by thousands of power suppliers, which are difficult to manage.”

IT enterprises are similarly under pressure to accurately manage their usage. Any IT, at any company is, Snyder said. To help alleviate these pressures, Arc provides tariff optimization that can help IT teams better manage energy spend.

Arcadia got its start in 2014 by matching residents to convenient renewable energy sources and initiating community solar projects. In April the company passed the 700MW managed milestone, making it the leading manager of community solar in the U.S. In 2021, Arcadia delivered a 155% year-over-year organic revenue growth.

There are now more than 100 companies across verticals like electric vehicles (EVs), solar, storage, and smart home IoT using Arc APIs to manage energy experiences for their customers and decarbonize the grid. Among them are Ford, EnelX, Aurora Solar, and STEM.

"Arcadia is pursuing one of the largest software opportunities in the clean energy transition," said Tanya Barnes, co-managing partner, J.P. Morgan Sustainable Growth Equity, in a press release about the funding. "The company's technology platform plays a vital role in decarbonizing real estate, the grid and providing renewable energy access to underserved communities."