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Energy Shopping Website Offering Retail Buying Service, Green Products Secures $25 Million In Funding

Opower Founder and President To Join Site's Board Of Directors

August 16, 2018

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Copyright 2010-17
Reporting by Paul Ring •

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Arcadia Power, describing itself as, "developers of the first nationwide digital utility," announced the closing of a $25 million Series B funding round led by G2VP, with participation from ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup, and existing investors.

As previously reported, Arcadia offers a suite of energy products and services, including a retail energy price alerts service, which monitors residential retail supplier offers in states with energy choice and automatically switches residential customers to plans which provide savings (see details here)

Across its suite of offerings, Arcadia said that the company's direct-to-consumer platform has two terawatt-hours of annual energy demand under management, and has experienced 500 percent member growth over the last 12 months. Arcadia Power has now surpassed 175,000 members nationwide.

"The new funds will support Arcadia Power's rapid growth in all 50 states, the expansion of its data science and engineering teams, and an acceleration of new flexibility services for utilities and smart home technology companies," the company said

Arcadia's offerings also include:

• Wind RECs

• Community Solar

• Home Efficiency products, smart thermostats, LEDs, etc.

• Bill Pay services

Arcadia Power first closed a $6 million Series A investment round led by Energy Impact Partners (EIP) in 2017, with participants including prior investors Box Group and Wonder Ventures.

Following the new Series B round, Alex Laskey, Founder and President of Opower; Dan Leff, experienced operator and investor in energy and technology companies; and Ben Kortlang, partner at G2VP; will join the company's board. Eva Zlotnicka, Vice President of ValueAct Spring Fund and former Sustainability Research U.S. team lead at Morgan Stanley, will also join as an observer to the board.

Arcadia Power has also secured over 120 megawatts (MW) of new community solar for what it called, "a first-of-its-kind Community Solar program."

"Arcadia Power members in certain areas can connect to a local community solar project in minutes while benefiting from guaranteed monthly savings, with zero money down, no cancellation fees, and a three-minute enrollment process," Arcadia said

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