Terabase Energy has obtained $25 million in fresh funding to bolster the commercial expansion of the company’s Terafab construction automation system.
“The continued financial support we are receiving reflects the widespread enthusiasm across industries for Terabase’s mission,” stated Matt Campbell, CEO and co-founder of Terabase. “This funding will accelerate the expansion of Terafab production, ensuring that we are well-prepared to meet the increasing demand efficiently as we roll out Terafab.”
The funding cycle was spearheaded by Fifth Wall, a decarbonization-focused asset management firm, with contributions from EDP Ventures and current investors.
“We are excited to lead this financing round and back Terabase’s vision of transforming the solar industry,” expressed Anastasia Istratova, a principal on The Climate Technology Investment Team at Fifth Wall. “Matt and his entire team’s pioneering method of automating the construction of modern solar power facilities is truly revolutionary. Their mission aligns profoundly with our fundamental dedication to investing in technologies that are significantly reshaping the expansion of renewable energy infrastructure.”
Terafab serves as an automated, digital on-site facility for constructing large-scale solar power plants. In addition to this, Terabase is involved in the development of software solutions, including Construct, a construction management software adopted by prominent developers and EPCs for over 5 GW of projects. Concurrently, Terabase’s solar energy modeling tool, PlantPredict, has exceeded 2.8 TW (2,800,000 MW) in simulations across 30,000 projects, highlighting a growing need for precise modeling of solar power plant performance.
“Terabase is addressing the renewable energy industry’s imperative to accelerate scaling in order to achieve ambitious growth objectives in the coming decades,” stated Luís Manuel, a board member of EDP Ventures. “Through its innovative digitization and automation strategies, Terabase is set to significantly enhance the sector’s ability to expedite the construction of PV power plants, even in remote areas, aligning with EDP’s worldwide dedication to advancing renewable energy sources.”
