Solar-focused technology company Terabase Energy announced today that it has raised $44 million, with proceeds aimed toward scaling its digital and robotic platform automated deployment of utility-scale PV power plants.
The financing was co-led by Bill Gates-founded Breakthrough Energy and venture capital firm Prelude Ventures and saw participation from SJF Ventures and other existing investors.
Breakthrough Energy Ventures’ Carmichael Roberts, said:
“The way the industry designs and builds large scale projects needs to be rethought if we are to reach the very rapid growth required to meet net-zero goals. To enable the Terawatt-scale deployment of solar needed to decarbonize, we believe a breakthrough is needed to transform how PV power plants are built.”
Founded in 2019, Terabase is developing an interconnected digital and automation platform that will reduce the cost and accelerate the deployment of solar plants. The platform aims to support both grid-connected PV plants and enable the cost-effective production of green hydrogen with PV in the future. The company’s existing suite of solutions includes cloud-based apps for plant design, solar energy modeling, and construction management.
According to Terabase, the new round of financing will enable full commercial deployment of its integrated solution in 2023. Terabase recently announced its first commercial project, the largest deployment of robotics in solar plant construction to date.
Matt Campbell, co-Founder, and CEO of Terabase, said:
“This investment is validation of our vision for rapidly deploying solar at the Terawatt scale. 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.”