Fifth Wall leads round with participation from Prelude Ventures, SJF Ventures, and EDP Ventures to support the commercial scale-up of the groundbreaking Terafab construction system
Terabase Energy, the leader in digital and automation solutions for solar power plants, today announced $25 Million in new financing, 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 financing round will be used to 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.
“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.”
Luís Manuel, Board Member at EDP Ventures said, “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.”
“The sustained financial backing we’re receiving is representative of the cross-industry enthusiasm surrounding Terabase’s mission,” said Matt Campbell, CEO and Co-Founder 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.”
Terabase Energy’s momentum also continues with its software products, led by the rapid adoption of its construction management software, Construct, being used by leading developers and EPCs on more than 5 Gigawatts of projects. Meanwhile, Terabase’s solar energy modeling tool, PlantPredict, recently surpassed 2.8 Terawatts (2,800,000 Megawatts) of simulations across 30,000+ projects, demonstrating increasing demand for more accurate modeling of solar power plant performance.