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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

Updated Sep 17, 2021 - Axios Events

Watch: A conversation on powering up clean energy jobs

On Friday, September 17, Axios Climate & Energy reporter Andrew Freedman and Energy reporter Ben Geman hosted a virtual conversation on what building a fair economy with quality clean energy jobs could look like, featuring The Honorable Sen. Alex Padilla (D-Calif.) and BlueGreen Alliance executive director Jason Walsh.

Sen. Alex Padilla explained how the infrastructure bill puts forth investments toward the environment, the urgency of acting on climate change at a legislative level, and how recent climate emergencies have underscored that urgency. 

  • In response to questions about climate investments in the infrastructure bill: “We need to act with urgency, we need to act boldly, that’s half the equation. It’s okay to have questions on what the price tag is, but of equal importance is knowing that we’re doing this in a fiscally responsible way.” 
  • On garnering necessary bipartisan support for the infrastructure bill to pass: “I do believe we’re going to get to yes at the end of the day, and that end of the day is going to be in the weeks ahead, not the months ahead, because of the urgency that I just laid out.” 

Jason Walsh highlighted the important intersection between climate action and clean energy jobs, the challenges of creating high-quality jobs in the power sector, and how budget reconciliation would help to meet clean energy job goals. 

  • On addressing crises relating to job creation, economic and racial inequality, and the climate emergency: “We have the ability with budget reconciliation to advance solutions to these crises that are as mutually reinforcing and intersecting as their causes. We feel like we can’t afford not to take advantage of this opportunity.”
  • On why budget reconciliation must address the lack of high-quality clean energy jobs: “Not enough of the clean energy jobs that have been created are high quality and union. They have not been created at scale in some of the communities and parts of the country that need them the most, and the lived experience of workers dislocated from incumbent industries, coal mining and power plants, doesn’t meet any reasonable standard of fairness and justice.”

Thank you Bank of America for sponsoring this event.

Omaze raises $85 million from VCs for non-profit fundraising

Illustration: Aïda Amer/Axios

Omaze, a company that helps nonprofits fundraise by organizing sweepstakes, has raised $85 million in Series C funding led by Louis Bacon’s Moore Strategic Ventures.

Why it matters: While Omaze's customers are non-profits, the company is not only a for-profit, but also taking in venture dollars — a financing model that's often criticized for pushing companies to prioritize growth and shareholder returns over their impact on society.

DOJ sues American Airlines, JetBlue to block "unprecedented" alliance

Photo: Andrew Harrer/Bloomberg via Getty Images

The Justice Department on Tuesday sued American Airlines and JetBlue to block an "unprecedented series of agreements" that will consolidate the two airlines' operations in Boston and New York City.

Why it matters: The civil antitrust complaint alleges that the planned Northeast Alliance (NEA) "will cause hundreds of millions of dollars in harm to air passengers across the country through higher fares and reduced choice," the DOJ said in a release.