Arcadia COO, Kate Hennigsen, on Clean Tech and Disrupting the Energy Market, Non-Traditional Backgrounds for Working in Tech (and Ops!), Energy Regulation, M&A, Board, Risk, and Cash Management, & the Power of a Well Written Cold Email

(00:12) Clean Tech and Disrupting Energy Market

(06:15) Community Solar and Renewable Energy Innovation

(15:37) Data Platform and Energy Transformation

(24:21) Acquisitions, Integration, and Board Composition

(29:05) Startup Board Management and Risk Balancing

(35:51) Leadership, Growth Mindset, and Overcoming Challenges

(42:18) Connecting Through Cold Emails

(00:12) Clean Tech and Disrupting Energy Market

 

We discuss Energy 101 today with Kate Hemington, co-founder and COO of Arcadia Power. Kate has a degree from the University of Oxford and a background in corporate litigation, making her well-equipped to tackle the energy industry. We talk about energy being a regulated monopoly, the trillions of dollars in the market, and how Arcadia is bringing digitization opportunities. We also discuss the unique perspective of having a legal and policy background and how it allowed them to get into the market and innovate. Kieran and Kate bring their own experience with energy policy and law, respectively, to the conversation.

 

(06:15) Community Solar and Renewable Energy Innovation

 

We enter the complex world of community solar. She explains how the state incentivizes third party developers to build renewable power sources and how Arcadia simplifies the process by giving customers a guaranteed savings rate. We understand how electricity works and why community solar is a guaranteed win for the customer, as well as how it’s helping to displace dirty electrons with clean ones.

 

(15:37) Data Platform and Energy Transformation

 

We chat about the potential of retrofitting four billion machines to achieve maximum decarbonization. We explore how the market has shifted in the last 15 years, with over 90% of new electrons produced in the US being renewable. We also discuss how Arcadia's data platform, Arc, is providing other companies with data, such as EV manufacturers and solar developers, to help their customers with micro decisions. Finally, we consider how Arcadia is managing its mission and culture with its switch to serving enterprises.

 

(24:21) Acquisitions, Integration, and Board Composition

 

We discuss acquisitions and product integration. We explore the importance of growth and expansion, and how to know when an acquisition is right. We examine the challenges of integrating products, the risks of taking on too much too soon, and the importance of understanding a company and its culture before making an acquisition. We also look at the value of an independent board member, and the importance of having a plan when it comes to acquisitions.

 

(29:05) Startup Board Management and Risk Balancing

 

We explore risk management and cash management. Kate shares how they've become better at board management, and how to let board members know what you need from them. We discuss how macroeconomic events have led to a guard your flank mentality, but how regulated line of revenue has given them a floor. We also talk about how the energy transition is a larger market than the macroeconomic events and how it has helped them to be aggressive in a down environment. Finally, Kate shares her thoughts on tight times and how it has created a renewed focus.

 

(35:51) Leadership, Growth Mindset, and Overcoming Challenges

 

We explore the importance of understanding growth mindset and being comfortable with discomfort. We also look at the importance of communication in building a successful team and how to effectively manage people. Kate shares her experience of bringing a global operations team together and the challenges of leading a co-founder. Finally, we look at the moment of surprise when the team received five cease and desist letters from utilities and how they overcame the challenge.

 

(42:18) Connecting Through Cold Emails

 

The power of cold e