Terabase Energy, a digital solutions provider for solar power plants, received $25 million in a new financing round led by Fifth Wall, 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 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.”
The Terafab system combines a digital twin of the project site, advanced supply chain and inventory management systems, an onsite wireless digital command center, a field-deployed automated assembly line, and specialized installation rovers.
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.”
Recently, PVcase, a solar project design software provider, announced it had secured a joint investment of $100 million, bringing the company’s total funding to over $123 million. Highland Europe, Energize, and existing investor Elephant participated in the round. The funding will help PVcase accelerate its product development, expand its global presence, and integrate its platform with other solutions.
According to Mercom’s recently released 1H and Q2 2023 Solar Funding and M&A Report, In 1H 2023, global VC funding activity rose 3% YoY, with $3.8 billion in 33 deals compared to $3.7 billion in 53 deals in the first half of 2022.