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Alternative Assets  + Private Equity  |  December 20, 2022
Climate Technology Startup Arcadia Secures $125M, Led by Magnetar Capital
Joe Palmisano
By: Joe Palmisano

Climate Technology Startup Arcadia Secures $125M, Led by Magnetar Capital

Arcadia, a Washington, DC-based climate technology company, has raised $125mn in funding, led by Illinois-based alternative assets manager Magnetar Capital. 

The company has now raised $350 million, including the latest financing round. 

Additional investors include Keyframe Capital and Macquarie Asset Management’s Green Investment Group. Keyframe also invested in May in the $200 million Series E round led by J.P. Morgan’s sustainable growth equity team, part of which it used to acquire rival Urjanet. That round set Arcadia’s valuation at $1.5bn. 

Led by Kiran Bhatraju, founder and CEO, Arcadia is perhaps best known as the nation’s largest manager of community solar subscriptions, but its Arc data platform is also used by 300 other companies to deliver clean-energy services tailored to the needs of each customer.

The latest funding shores up Arcadia’s finances to take advantage of several industry tailwinds heading into 2023. The Inflation Reduction Act is expected to turbocharge just about any branch of the clean-energy industry, from solar to home electrification to electric vehicles.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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