Terabase Revolutionises Solar Plant Construction with US$25m
At the forefront of a transformative move, Fifth Wall has steered the latest US$25m funding venture for Terabase Energy. This financial infusion, with contributions from Prelude Ventures, SJF Ventures and EDP Ventures, is set to escalate the development of the pioneering Terafab construction system.
"We are thrilled to drive this round of financing and support Terabase’s vision of revolutionising the solar industry," said 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."
Introducing Terafab
Marking a significant leap in solar power plant construction, Terafab ushers in a modern in-field factory method that allows partners to amplify project deployment.
It stands as the first system of its kind, sky-rocketing efficiency and productivity in installation, while ensuring the safety of construction personnel through digital and physical system integration.
“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, Board Member at EDP Ventures. “Its bold solutions through digitisation 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.”
Matt Campbell, CEO and Co-Founder of Terabase added: “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.”
About Terabase Energy
Committed to slashing costs and hastening the deployment of utility-scale solar, Terabase Energy integrates construction automation and software to facilitate the swift erection of solar plants.
Their innovative approach charts a competitive edge in deploying grid-connected PV systems and fosters the future of green hydrogen production.
With flagship products like PlantPredict and Construct, Terabase stands as a beacon of progress in the solar energy sector.
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