US Climate Tech Firm Arcadia Acquires India’s Urjanet

NEW DELHI, (IANS) – Climate technology company Arcadia on May 24 said it has acquired Urjanet, one of the largest utility data providers that has more than 360 employees in India, for an undisclosed sum.

Urjanet’s global data access will integrate with Arcadia’s industry-leading data and API platform called ‘Arc’, enabling Arc to become the universal software layer for the zero-carbon economy.

“Urjanet has built a fantastic business capturing utility data across 30 percent 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.

Bhatraju grew up in Appalachia, a region heavily impacted by the coal industry. In 2014, he started Arcadia to give people an easy way to choose renewable energy.

In early 2015, they matched their first power bill, from a member in Kentucky, with clean wind energy. From there, they have expanded to unlock clean energy for customers in all 50 states.

Urjanet significantly expands Arc’s data coverage in the US to more than 95 percent 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 percent of companies use software to accurately manage their environmental, social, and governance (ESG) reporting, instead of 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.

Arcadia, now valued at $1.5 billion, has raised $380 million to date.