Terabase Energy has secured $25 million in new financing to support the commercial scale-up of the company’s Terafab construction automation system.
“The sustained financial backing we’re receiving is representative of the cross-industry enthusiasm surrounding Terabase’s mission,” said Matt Campbell, CEO and cofounder of Terabase. “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.”
The financing round was led by Fifth Wall, an asset manager focused on decarbonization, with participation from EDP Ventures and existing investors.
“We are thrilled to drive this round of financing and support Terabase’s vision of revolutionizing 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.”
Terafab is an automated, digital field factory for large-scale solar power plant construction, but Terabase also develops software products, such as Construct, a construction management software being used by leading developers and EPCs on more than 5 GW of projects. Meanwhile, Terabase’s solar energy modeling tool, PlantPredict, recently surpassed 2.8 TW (2,800,000 MW) of simulations across more than 30,000 projects, demonstrating increasing demand for more accurate modeling of solar power plant performance.
“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,” said Luís Manuel, a board member of EDP Ventures. “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.”
Tags: automation, Financing, Terabase Energy, utility-scale
