Terabase Energy – the leader in digital and automation solutions for solar power plants – recently announced $25 million in new funding led by Fifth Wall, the largest asset manager focused on improving, future-proofing, and decarbonizing the built world, with participation from EDP Ventures and existing investors. This funding round will support the commercial scale-up of the company’s recently launched Terafab construction automation system, the world’s first automated digital field factory for solar power plant construction.
The company’s momentum continues with its software products, driven by the rapid adoption of its construction management software Construct used by leading developers and EPCs on more than 5 Gigawatts of projects. And Terabase’s solar energy modeling tool PlantPredict recently surpassed 2.8 Terawatts (2,800,000 Megawatts) of simulations across 30,000+ projects, demonstrating the increasing demand for more accurate solar power plant performance modeling.
KEY QUOTES:
“We are thrilled to drive this round of financing and support Terabase’s vision of revolutionizing the solar industry. 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.”
— Anastasia Istratova, a Principal on The Climate Technology Investment Team at Fifth Wall
“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.”
— Luís Manuel, Board Member at EDP Ventures
“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.”
— Matt Campbell, CEO and Co-Founder of Terabase
