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Illustration: Aïda Amer/Axios

Arcadia, a startup that provides people avenues to access renewable energy without having to change power companies, has raised $100 million to fuel its expansion.

Driving the news: New investors Tiger Global Management and the Drawdown Fund led the Series D round for the company founded in 2013 that has now raised $180 million overall.

  • Other new backers include Wellington Management and Reimagined Ventures, and existing investors in the latest round include Energy Impact Partners and G2 Venture Partners.

How it works: A key part of Arcadia's businesses is providing solar to people who can't install panels because they live in multi-unit buildings or aren't homeowners.

  • Arcadia connects residential customers with nearby "community" solar projects, a growing form of solar in which, as the Solar Energy Industries Association notes, multiple customers subscribe to power from a project and receive credits on their bills.
  • The money is also slated to help its expansion to provide commercial businesses with community solar access.
  • Arcadia is taping other business lines too. It recently bought Nanogrid, a software company with services like helping ensure electric vehicles are charged when the grid mix is cleanest.
  • “We are getting into more and more energy products, energy choices in the home,” founder and CEO Kiran Bhatraju tells Axios.

What they're saying: Bhatraju said in an interview that the $100 million round is a "validation of the growth of the market, that it one day could be bigger than rooftop solar.”

  • The company bills itself as a way to democratize energy access while lowering power bills and help consumers navigate a confusing energy market.
  • Arcadia manages 500 megawatts worth of community solar, and Bhatraju said they've had 500% revenue growth since 2019.

Go deeper: New coal-fired power projects dwindle worldwide

Go deeper

Ben Geman, author of Generate
Oct 14, 2021 - Energy & Environment

Biden's winter energy chill

Illustration: Shoshana Gordon/Axios

Higher home energy prices heading into the chilly months are the latest energy-related problem facing Joe Biden at a sensitive time in his young presidency.

Driving the news: The Energy Department's independent stats arm projects heating bills this winter will rise thanks to higher commodity prices and predictions of a colder winter.

Ben Geman, author of Generate
4 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 6 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."