(Credit: Canva Pro)Terabase Energy, which provides digital and automation platforms for solar power plants, has secured $25 million in new financing, led by Fifth Wall, an asset manager focused on decarbonizing construction.
With participation from EDP Ventures and existing investors, this funding will drive the commercial scale-up of Terabase Energy's innovative Terafab construction automation system, which marks the world's first digital field factory for solar power plant construction. This development aims to enhance efficiency, reduce costs, and expedite the deployment of utility-scale solar projects.
Led by CEO Matt Campbell, Terabase Energy's mission is to reduce costs and accelerate the deployment of utility-scale solar through construction automation and software. Their platform allows for rapid deployment of solar plants at competitive costs, supporting grid-connected solar energy plants and the cost-effective production of green hydrogen with PV in the future.
Terabase Energy's suite of products includes PlantPredict, a cloud-based solar plant design and energy modeling tool, Construct, a digital construction management software platform, and Terafab construction automation, and power plant control and SCADA solutions.
Anastasia Istratova, Principal on The Climate Technology Investment Team at Fifth Wall, expressed enthusiasm about Terabase's approach, which aims to automate the construction of solar power plants through digitization and advanced automation. This synergy aligns with Fifth Wall's core commitment to investing in technologies that transform renewable energy infrastructure.
As a participant in the funding round, Luís Manuel, Board Member at EDP Ventures, acknowledged Terabase Energy's response to the renewable energy sector's need for rapid scaling to meet ambitious growth targets in the coming decades. Terabase's digitization and automation solutions are seen as pivotal in enhancing the industry's capacity to build photovoltaic (PV) power plants more efficiently and in remote locations. This aligns perfectly with EDP's global commitment to expanding renewables and advancing a sustainable energy transition.
Campbell emphasized how sustained financial backing will play a crucial role in expediting the scaling of Terafab production, ensuring Terabase Energy meets the rising demand effectively as they deploy the groundbreaking automation system.
Terabase Energy's suite of software products have also gained rapid adoption within the industry. Construct, the digital construction management software, is being utilized by leading developers and engineering, procurement, and construction companies on over 5 Gigawatts of projects. Moreover, PlantPredict, the solar energy modeling tool, has surpassed a staggering 2.8 terawatts of simulations across more than 30,000 projects.
Terabase Energy's platform enables rapid deployment of solar plants at more competitive costs, supporting grid-connected PV plants and the future production of green hydrogen with PV.
