Terabase Energy, a solar technology company, raised $44 million in series B financing co-led by Breakthrough Energy Ventures and Prelude Ventures, SJF Ventures, and other existing investors.
The round brings the total funding to $52 million. It will support the company’s mission to reduce the cost and increase the scalability of solar by building a digital and automation platform for the development, construction, and operation of utility-scale PV power projects.
Terabase is working alongside project developers, owners, and engineering & construction firms to support the design, optimization, and deployment of large-scale solar projects worldwide. The new financing round enables full commercial deployment of the company’s integrated solution in 2023. It comes after Terabase announced its first commercial project, the largest deployment of robotics in solar plant construction to date.
“This investment is a validation of our vision for rapidly deploying solar at the Terawatt scale,” said Matt Campbell, co-founder and CEO of Terabase Energy. “It took fifty years for the world to build the first Terawatt (one million Megawatts) of solar, but we need at least 50 additional Terawatts built as quickly as possible to meet global decarbonization targets. This round of funding will allow us to continue to expand our team and make the investments necessary to achieve our mission.”
In June 2022, German-based solar startup ENVIRIA raised €22.5 million (~$23.6 million) in a Series A funding round. The company will use funding proceeds to scale up and further develop its solar energy solutions. The round was co-led by Redalpine and Galileo Green Energy. Other investors include BNP Paribas Development and Alter Equity.
According to Mercom’s 1H and Q2 2022 report, in 1H 2022, venture capital (VC) funding activity rose 125% with $3.7 billion in 53 deals compared to the $1.6 billion raised in 26 deals in the first half of 2021.