WASHINGTON, Aug. 16, 2018 /PRNewswire/ -- Arcadia Power, developers of the first nationwide digital utility, today 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. The company's direct-to-consumer platform integrates with more than 100 utilities, has two terawatt hours of annual energy demand under management, and has experienced 500 percent member growth over the last 12 months. 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. Arcadia Power has digitized the home energy experience to give everyone clean energy options they have never had before. The company's technology connects renters and homeowners to wind and solar power, greater cost control, smart home devices, and payment options without transaction fees. By simply creating a free account with their utility and billing information, Arcadia Power members have instant access to a mobile-optimized online dashboard where they can enroll in various programs: "The future of energy is people-powered," said Kiran Bhatraju CEO of Arcadia Power. "The electricity industry hasn't changed much in the last hundred years, and we believe that homeowners and renters want a new approach that puts them first. Our platform places clean energy, home efficiency, and data insights front and center for residential energy customers in all 50 states." 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 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. "Startups are using technology to digitize traditional industries, and energy is no exception," said Ben Kortlang, Partner at G2VP. "Arcadia Power uses technology to provide low-cost clean energy to consumers in all 50 states. As the utility of the future, the company's technology makes a customer's energy experience just as clean and simple as their transportation app. Arcadia Power's rapid growth demonstrates the strong demand for easy, affordable access to renewable energy, payment flexibility and energy efficiency." Arcadia Power has now surpassed 175,000 members nationwide. For members in competitive energy markets, this growth trajectory promises increased savings. The company's Price Alerts program leverages aggregate buying power, driving low fixed-rates for clean power as membership grows. About Arcadia PowerArcadia Power, the first nationwide digital utility, connects everyone to low-priced clean energy and energy efficiency choices. Arcadia Power members have access to a mobile-optimized online dashboard where they can enroll in clean energy programs, track their account activity, and view their energy usage all in one place. Arcadia Power's digital transformation of traditional energy delivery gives individuals greater control over what energy they support, how much it costs, and how they pay. Founded in 2014, the company's platform now integrates with more than 100 utilities in all 50 states and is used by more than 175,000 people. Arcadia Power has two terawatt hours of annual energy demand under management, and has averted over 320,000 tons of CO2 emissions to date. For more information, visit www.arcadiapower.com and follow us on Facebook, Twitter and Instagram. About G2VPG2VP is a venture capital firm that invests in exceptional companies applying emerging technologies to traditional industries in novel, sustainable ways. With a thesis formulated around the multi-trillion-dollar digitization of industry trend and a model that supports new opportunities for value creation, economic and employment growth, and sector disruption, G2VP works with innovative pioneers in the fields of transportation, agriculture, manufacturing, logistics, and energy. In addition to the G2VP fund, the G2VP Partners manage Kleiner Perkins Caufield & Byers' $1 billion Green Growth Fund. Visit us at http://www.g2vp.com/. Media Contact:Natalie Rizk[email protected] SOURCE Arcadia Power https://www.arcadiapower.com
U.S. digital utility Arcadia Power has raised $25m to back expansion across all states and the acceleration of flexible services for utilities and smart home companies. It connects renters and homeowners to renewable energy and offers smart devices, cost control and fee-free transaction options. The series B funding was led by G2VP and included ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, Box Group and existing investors. Arcadia’s platform has links to more than 100 utilities and manages 2 TWh of annual demand. It has also secured over 120 MW in a community solar programme.