Led by Fifth Wall, Terabase Energy’s latest funding round has raised US$25m from participants such as Prelude Ventures, SJF Ventures, and EDP Ventures to support the scale-up of its groundbreaking Terafab construction system.
“We are thrilled to drive this round of financing and support Terabase’s vision of revolutionising the solar industry,” shared Anastasia Istratova, a Principal on The Climate Technology Investment Team at Fifth Wall.
“Matt and his entire team’s innovative approach to automating the construction of today’s solar power plants is truly groundbreaking. Their mission has profound synergy with our core commitment to investing in technologies that are meaningfully transforming the scale-up of renewable energy infrastructure.”
What is Terafab?
Transforming solar power plant construction with a modern in-field factory approach, Terafab allows partners to build more with less and expand the number of projects they are able to deploy simultaneously.
The Terafab construction system is the first of its kind. It is designed to improve efficiency, increase installation productivity, eliminate the physical safety risk for construction workers, and provide an array of benefits from interconnected digital and physical systems.
“Terabase is responding to the renewable energy sector’s need to scale faster as it seeks to meet ambitious growth targets over the next several decades. Its’ bold solutions through digitization and automation will play a meaningful role in increasing the industry’s capacity to build PV power plants more quickly and in more remote locations, aligned with EDP’s global commitment to expanding renewables,” commented Luís Manuel, Board Member at EDP Ventures.
Matt Campbell, CEO and Co-Founder of Terabase added: “The sustained financial backing we’re receiving is representative of the cross-industry enthusiasm surrounding Terabase’s mission. This funding will enable us to expedite the scaling of Terafab production and will ensure that we are equipped to meet the rising demand effectively as we deploy Terafab.”
About Terabase Energy
On a mission to reduce the cost and accelerate the deployment of utility-scale solar through construction automation and software, Terabase Energy provides platforms to enable rapid deployment of solar plants at a more competitive cost, supporting both grid-connected PV plants and the cost-effective production of green hydrogen with PV in the future. Terabase offers a suite of products including PlantPredict (a cloud-based solar plant design and energy modelling tool) and Construct (a digital construction management software).