Retail Energy Marketer Raises $30M In Series C Funding Round
"Largest Residential Energy Broker In The Country," Rebrands To Reflect "Complete Home Energy Platform"
Near-Term Plans Include New Energy Subscription Pricing Models, Incentivizing Customers To Use Smart Home Devices To Shift Consumption
December 10, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
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Arcadia (a rebranding of Arcadia Power as noted further below) announced the closure of a $30M Series C funding round to, as described by the company, "accelerate the consumer technology company's mission of providing simplified and equitable clean energy access to all Americans."
As previously reported, Arcadia offers various services including a retail energy concierge shopping program that automatically switches customers to what the company determines are superior rate plans over time. The company also offers community solar and RECs, among other services
The new round was led by G2VP with participation from new investors Macquarie Group and Seek Ventures, and existing investors Mitsui USA, Energy Impact Partners, BoxGroup, and ValueAct Spring Fund.
Arcadia said that it is now the largest residential community solar manager in the country.
Arcadia also described itself as, "the largest residential energy broker in the country."
"The company saw 300 percent revenue growth in the last year and now manages 4.5 terawatt-hours of energy demand," Arcadia said
In 2020, Arcadia has immediate plans to expand community solar access from four to eight states, release new energy subscription pricing models, and incentivize customers to use smart home devices to lower and shift their energy consumption.
"The company is also rebranding from Arcadia Power to Arcadia -- a change that aligns with the company's current and future market position and goal of providing a complete home energy platform," Arcadia said
Arcadia said that, "Arcadia's technology works by bridging the gap between consumers, producers of clean energy, and utilities. The company's data and billing platform manages consumer utility accounts to bundle clean energy, energy efficiency tools and products, rate monitoring, and more in a single, unified account experience."
Arcadia's, "members in open energy markets experience 20 percent average savings on their monthly energy bill compared to traditional retail suppliers," the company said