Published on June 6th, 2017 | by Steve Hanley0
Arcadia Power Secures $6 Million In New Funding
June 6th, 2017 by Steve Hanley
Arcadia Power was founded in 2014 with one simple mission — to promote clean, renewable power across America. The business model involves using green e-certified renewable energy certificates to provide customers with electricity that is generated by wind turbines or solar panels. All it takes is a few clicks online to sign up with Arcadia Power.
The company has just secured an additional $6 million in Series A funding thanks to Energy Impact Partners and prior investors BoxGroup and Wonder Ventures. The new funds will help expand Arcadia Power’s partnerships with utility companies, expand its community solar initiatives, and bring new products to market.
One of the strengths of the Arcadia Power business model is that it works for anyone with an electric bill. That means renters can now participate in the clean power revolution right alongside home owners. Signing up takes only a few minutes.
Customers pay their electric bills through Arcadia, and have access to an online dashboard where they can track their energy usage and the percentage of electricity flowing to their homes from renewable sources. Those who wish to participate can chose the 50% renewable option for free, or spend a few cents per kilowatt hour on the 100% clean power option.
To date, more than 25,000 American families in all 50 states have signed up with Arcadia Power. “Our goal since Day 1 has been to provide all utility customers with a modern experience and the options they deserve for affordable clean energy,” said Kiran Bhatraju, co-founder and CEO of Arcadia Power.
“Energy Impact Partners is a strong supporter of tech and business models that enhance customer-utility engagement to drive sustainable energy generation and consumption. Their investment will enable us to bring innovative energy products to customers and utility partners nationwide,” he adds.
Last year, Arcadia Power made it possible to replace the equivalent of 75,000 tons of coal. That amounts to nearly 200 million kilowatt-hours of certified wind energy being consumed by its customers.
“In a relatively short amount of time, Arcadia has been able to develop valuable customer relationships with a highly engaged customer base,” said Sameer Reddy, the Vice President at EIP who led the deal. “As utilities look for additional opportunities to drive revenues through a differentiated customer experience, partnering with solutions like Arcadia’s will be increasingly important.”
Arcadia Power is a pioneer in making community solar available to utility customers without the need to install solar panels on their roof. Called the “Portable Panel” plan, it will be now be expanded, thanks to this latest round of investment.