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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

Exclusive: Bill Gates-backed venture fund targets decarbonizing aluminum

Expand chart
Data: IEA; Chart: Will Chase/Axios

The need to decarbonize heavy industries such as steel, aluminum and cement manufacturing is taking on new urgency as policymakers and financiers search for ways to speed up the transition to a low carbon future.

Driving the news: On the aluminum front, Sortera Alloys, a company that seeks to achieve 100% reuse of aluminum waste from end-of-life products, announced $10 million in funding from Bill Gates-affiliated Breakthrough Energy Ventures on Tuesday.

Bryan Walsh, author of Future
Updated 2 mins ago - Health

Omicron travel bans are a sign of what's to come

Illustration: Aïda Amer/Axios

The travel bans and border closures prompted by the Omicron variant likely won't fully prevent its spread, but that won't stop countries from leaning on the measures.

Why it matters: The rapid speed at which countries turned to travel bans with the emergence of Omicron indicates border controls will increasingly become a weapon against infectious disease — whether or not public health experts agree they are effective.

22 mins ago - Politics & Policy

GOP fights itself on shutdown politics

Reporters question Senate Minority Whip John Thune before the Republican Party's weekly lunch on Tuesday. Photo: Kent Nishimura/Los Angeles Times via Getty Images

GOP leaders on Capitol Hill are scrambling to reach a deal with a bloc of 15 Senate Republicans threatening a government shutdown to force a fight over the Biden administration's vaccine mandates.

Why it matters: The push to defund the mandates — by holding the short-term government funding bill hostageis largely symbolic, and highly controversial within the Republican Party. A shutdown as early as midnight Friday could trigger everything from national park closures to delays in receiving Social Security checks.