Fifth Wall leads round with participation from Prelude Ventures, SJF Ventures and EDP Ventures to support commercial expansion of groundbreaking Terafab building system
Terabase Energy, a leading provider of digital and automation solutions for solar power plants, today announced a new $25 million financing, led by Fifth Wall, the largest asset manager focused on improving the built world, its future-proofing, and decarbonization, with participation from EDP Ventures and existing investors. This funding round will be used to support the commercial expansion of the company’s recently launched Terafab™ building automation system, the world’s first automated digital field plant to build a solar power plant.
“We are thrilled to lead this round of funding and support Terabase’s vision to revolutionize the solar industry,” said Anastasia Istratova, Climate Technology Investment Team Leader at Fifth Wall. “Matt and his team’s fully innovative approach to automating the construction of solar power plants today is truly groundbreaking. Their mission is deeply synergistic with our core commitment to investing in technologies that meaningfully transform renewable energy infrastructure scaling.”
Luis Manuel, Board Member at EDP Ventures, said: “Terabase is responding to the need for the renewable energy sector to expand faster as it pursues ambitious growth goals over the next several decades. Its bold solutions through digitization and automation will play an important role in increasing the industry’s ability to build photovoltaic plants more quickly and at remote locations, in line with EDP’s global commitment to expanding renewables.”
“The continued financial support we are receiving exemplifies the enthusiasm across the industry surrounding Terabase’s mission,” said Matt Campbell, CEO and co-founder of Terabase. “This funding will enable us to accelerate the scale-up of Terafab production and will ensure that we are ready to effectively meet increased demand as Terafab is deployed.”
Terabase Energy’s momentum also continues with its software products, led by the rapid adoption of its construction management software, Construct, which is used by leading developers and EPC companies on more than 5 gigawatts of projects. Meanwhile, Terabase’s solar modeling tool, PlantPredict, recently surpassed 2.8 TWh (2,800,000 megawatts) of simulations across more than 30,000 projects, demonstrating the growing demand for more accurate modeling of solar plant performance.
About Terabase Energy
Terabase Energy reduces cost and accelerates utility-scale solar deployment through building automation and software. The Terabase platform enables rapid deployment of solar power plants at more competitive costs, supporting both grid-connected photovoltaic plants and cost-effective production of green hydrogen using photovoltaics in the future. Terabase’s suite of products includes PlantPredict: a cloud-based solar plant design and energy modeling tool, Construct: digital construction management software, and Terafab construction automation, power plant control and SCADA solutions. To learn more, visit www.terabase.energy.
around the fifth wall
Founded in 2016, Fifth Wall, a certified B. Corp., is the largest asset manager focused on improving the built world, adapting it for the future, and decarbonising it. Since 2016, Fifth Wall has raised the third-most capital of any venture company globally ($2.9 billion), according to SEC Form D filings. With nearly $3 billion in commitments and capital under management, Fifth Wall is backed by a global mix of more than 110 limited strategic partners from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Hines, and Host Hotels & Resorts, Kimco Realty Corporation, Lennar, Marriott International, MetLife Investment Management, MGM Capital, other companies, and Starwood. This consortium represents one of the largest groups of potential partners in the global built ecosystem, making transformative investments and collaborating with portfolio companies to reduce emissions, improve efficiency and increase returns. Founded in Los Angeles and headquartered in New York City, Fifth Wall’s other offices include San Francisco, London and Singapore. For more information about Fifth Wall and its limited partners and portfolio companies, visit www.fifthwall.com.
About EDP Ventures
EDP Ventures is the corporate venture capital arm of EDP, a global energy company present in 29 markets, focused on investing in energy and climate startups. Its main objective is to support and develop innovative solutions that contribute to the transformation of the energy industry. EDP Ventures provides financial investment, mentoring, and access to the EDP network and resources to help accelerate the growth of promising startups in the energy sector. EDP Ventures invests globally and has a portfolio of 37 companies in Europe, the United States, Latin America and Asia. To discover more about EDP, its strategy and projects, visit www.edp.com.