Arcadia Acquires Urjanet to Accelerate the Transition to a Zero-Carbon Economy
The Arc Platform Becomes the World's Largest Utility Data Aggregator and Will Help Companies Manage Sustainability Goals with Accurate ESG Data
WASHINGTON and ATLANTA and CHENNAI, India, May 24, 2022 /PRNewswire/ -- Arcadia, the technology company empowering energy innovators to fight the climate crisis, today announced the acquisition of Urjanet, the largest utility data provider in the world. Urjanet's global data access will integrate with Arcadia's industry-leading data and API platform, Arc, enabling Arc to become the universal software layer for the zero-carbon economy.
Urjanet significantly expands Arc's data coverage in the US to more than 95% of residential and commercial accounts and globally across more than 9,500 utilities, including electric, gas, water, and waste, in 52 countries. This access to global, high-fidelity energy data will allow businesses around the world to leverage its network effects and enable a wide range of use cases, including energy optimization, renewable energy, payments, and carbon accounting.
Today, only 9% of companies use software to accurately manage their environmental, social, and governance (ESG) reporting, instead relying on manual processes and estimates. The Arc platform solves this problem by providing companies with actual, building-level meter data through easy-to-use APIs. Ultimately, the expansion will empower any company, in any industry, with the on-demand data and tools needed to monitor, report, and act on their climate impact and build innovative energy products.
"Urjanet has built a fantastic business capturing utility data across 30% of the Fortune 500. With Urjanet joining Arcadia, we will be able to serve customers globally with the most comprehensive software solution in climate tech," said Kiran Bhatraju, CEO of Arcadia. "Without data access, it will be imposible to meet the urgency and size of the climate crisis. Through our combined capabilities, Arc will help companies in every industry plan for and act on their climate responsibilities, pulling forward a zero-carbon future."
"When I met Kiran a few years ago, it was clear that Arcadia and Urjanet shared one of the most important visions in the decarbonization movement: democratizing access to energy data," said Sanjoy Malik, CEO of Urjanet. "We can now work together to accelerate the energy transition and help companies achieve their sustainability goals."
Today's announcement adds to Arcadia's significant recent momentum. The company delivered 155% YOY organic revenue growth in 2021, launched the Arc platform in November, and passed the 700MW managed milestone in April as the leading manager of community solar in the United States. Earlier this month, Arcadia announced a $200 million fundraising round led by J.P. Morgan Asset Management's Sustainable Growth Equity Team, and Arc was recognized as a Finalist in the Energy category of Fast Company's 2022 World Changing Ideas Awards. The company, now valued at $1.5 billion, has raised $380 million to date.
Read more about Urjanet joining Arcadia from Bhatraju on Arcadia's blog. To learn more about Arcadia and the Arc platform, please visit arcadia.com/arc.
Founded in 2014 on the belief that everyone deserves access to clean energy, Arcadia also manages the nation's leading community solar program, helping to tackle energy injustice while spurring economic growth with more than 750MW of solar under management. Join us in our mission and find out how you or your business can help achieve the vision of a 100% zero-carbon future at www.arcadia.com.