Does your organization know precisely how a lot power it makes use of? What effectivity incentives can be found for its services? The place are probably the most helpful websites for its clear power investments? What tariffs are concerned?
Answering such questions is desk stakes for planning carbon emissions reductions and renewable energy procurements, however getting correct information from utilities remains to be remarkably troublesome for one location, not to mention a number of websites.
That’s the problem addressed by information analytics firm Arcadia, which is creating software program to supply entry to scads of business power information. Its clients already embody the likes of Ford Motor Co., together with local weather tech powerhouses similar to EnelX and Aurora Photo voltaic.
The Washington, D.C.-based enterprise this week raised $200 million in a Collection E funding spherical. The infusion, which basically doubles Arcadia’s backing, contains the inaugural funding from J.P. Morgan Asset Administration’s Sustainable Progress Fairness Fund. And it values the eight-year-old firm, which employs about 250 individuals, at $1.5 billion — a unicorn within the eyes of the finance world.
“We constructed a platform that may unlock the meter-level information — particular person by particular person, enterprise by enterprise,” mentioned Arcadia CEO Kiran Bhatraju after I spoke with him in regards to the new financing. “The large thought behind the corporate is that we aren’t going to decarbonize quick sufficient until this information is simple to entry.”
We constructed a platform that may unlock the meter-level information — particular person by particular person, enterprise by enterprise.
In tech parlance, Arcadia’s Arc software program is a B2B2C play — which means it permits info to be exchanged from enterprise to enterprise to client. The corporate claims about 100 clients at the moment. Many are firms that promote clear power applied sciences — group photo voltaic builders, on-site power storage tools distributors, electrical car fleet managers or power effectivity service suppliers; they’re utilizing the information for gross sales and for managing buyer relationships.
These firms entry Arcadia’s information by utilizing utility programming interfaces to arrange hyperlinks between its analytics databases and their very own programs, enabling them to entry a buyer’s or buyer prospect’s info, Bhatraju defined. That information can be utilized to estimate eventualities such because the internet hosting capability of a website for power storage property or the carbon offset potential of a selected group photo voltaic service or the incentives and/or tariffs that may play into the calculations. That info will be shared with the corporate or particular person evaluating an funding, serving to with the analysis.
The funding disclosed this week might be used to increase the data that the Arc platform can present and to collect intelligence from utilities exterior the USA. At present, Arc covers information from 125 utilities — about 80 p.c of U.S. electrical energy accounts. The infusion may even be used to construct extra functions for firms looking for to decarbonize their operations.
“One in every of our latest functions for information is round carbon accounting,” Bhatraju mentioned, pointing to Arcadia’s capability to report precise kilowatt-hours and different power utilization metrics.
The Arc platform advanced out of Arcadia’s roots locally photo voltaic trade: It manages funds and buyer information for initiatives with a capability of greater than 700 megawatts.