Terabase Energy, a digital solutions provider for solar power plants, received $130 million in a Series C funding round led by SoftBank Vision Fund 2, with participation from both existing and new strategic investors. This round brings the company’s total funding to over $200 million.
The company provides digitalization and automation solutions for utility-scale solar power plants through its platform, which is stated to combine AI, software, automation, SCADA, and plant controls.
The funding will allow Terabase to deploy its technologies at scale. A significant portion of the funding is expected to be utilized to scale up the manufacturing of its Terafab robotics-assisted assembly line, which combines automation and digital systems to increase installation productivity.
The company states that it has already demonstrated Terafab’s capabilities by installing 40 MWs across various commercial projects in the U.S., with the goal of deploying hundreds of megawatts by 2026.
“SoftBank Vision Fund’s investment reflects our shared commitment to leveraging advanced technology to drive the future of renewable energy. This funding validates our mission and provides the resources to scale our platform, paving the way for the terawatt era of solar,” said Matt Campbell, CEO of Terabase.
In 2023, the company received $25 million in a new financing round led by Fifth Wall, with participation from EDP Ventures and existing investors.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, Global VC and private equity funding in the solar sector in 2024 came to $4.5 billion in 60 deals, 36% lower than the $7 billion raised in 70 deals in 2023. There were 14 VC funding deals of $100 million or more in 2024.
Last Year, Glint Solar, a company that provides software for solar developers, raised $8 million in a Series A funding round led by Smedvig Ventures with participation from Momentum, Futurum Ventures, and Antler.
