BERKELEY, Calif., Aug. 2, 2022 /PRNewswire/ -- Terabase Energy today announced a $44 million Series B financing co-led by Breakthrough Energy Ventures and Prelude Ventures with additional participation by SJF Ventures and other existing investors. The round brings Terabase's total funding to $52 million and will be used to support the company's mission to reduce the cost and increase the scalability of solar by building a digital and robotic automation platform for the development, construction, and operation of utility-scale PV power plants.
Terabase has built the first digital platform for managing the full project life cycle of utility-scale solar and combined it with a construction automation system to transform the way solar power plants are deployed. Terabase's automated field-factory, capable of 24/7 operations, can significantly compress construction schedules and reduce costs while ensuring higher build quality. The robotics-assisted workflow will also improve worker health and safety by eliminating manual lifting of heavy panels and steel components under often difficult outdoor weather conditions.
Terabase is working alongside project developers, owners, and engineering & construction firms to support the design, optimization, and deployment of large-scale solar projects around the world. The new round of financing will enable full commercial deployment of the company's integrated solution in 2023 and comes shortly after Terabase announced its first commercial project, the largest deployment of robotics in solar plant construction to date.
"In recent years, the solar industry has been focused on technological improvements of solar panels and other hardware components while the means and methods of engineering and construction have been largely unchanged. 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," said Carmichael Roberts, Breakthrough Energy Ventures. "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. Terabase's solution has tremendous potential to reduce costs and accelerate the deployment of large scale solar, and we look forward to working with them on that mission."
"This investment is 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."
Tim Woodward, Managing Director of Prelude Ventures added, "Terabase's software and automation platform allows for developers and EPCs to effectively design and manage their projects from the point of land acquisition to rapid and high-quality construction through automation. This is an essential solution for solar to get to Gigawatt-scale projects around the world."
"Our only hope to truly solve the climate crisis is to deploy clean technologies at a much larger scale to reach different areas of the economy than before. The Terabase platform is an exciting innovation to deploy more solar faster and we are delighted to be a Terabase partner," said Sheldon Kimber, CEO of Intersect Power, a Terabase customer.
To learn more about Terabase, visit www.terabase.energy.
About Terabase Energy
Founded by experienced solar power plant experts, Terabase Energy is on a mission to reduce the cost and accelerate the deployment of utility-scale solar through software and automation. The Terabase platform will enable rapid deployment of solar plants at more competitive costs which will support both grid-connected PV plants as well as enable the cost-effective production of green hydrogen with PV in the future. Terabase's existing suite of software includes cloud-based apps for plant design, solar energy modeling (PlantPredict), and construction management. The company also offers power plant controls and SCADA solutions. Visit www.terabase.energy to learn more.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world's top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
About Prelude Ventures
Prelude Ventures is a venture capital firm dedicated to advancing the low-carbon economy. The firm invests in exceptional entrepreneurs across a range of sectors including advanced energy, food & agriculture, transportation and logistics, advanced materials and manufacturing, and advanced computing. Prelude Ventures was founded in 2013 and is based in San Francisco. Visit www.preludeventures.com to learn more