Terabase Raises $130M to Expand Solar Digitization and Automation
So far, Terabase has supported more than 12 gigawatts of solar projects with its expertise in automation.
The money raised will help the company develop solar farms faster at reduced cost.
Terabse Energy, a solar technology company, has raised $130 million in Series C funding to digitize and automate solar power plants, reduce costs and meet the growing energy demands.
SoftBank Vision Fund 2 was a major investor in the funding round, which saw participation from existing and new investors, bringing the company's total funding to over $200 million. The proceeds will back the expansion of its technology and accelerate the construction of larger solar projects with reduced costs.
A central focus will be the expansion and development of Terafab™, Terabase’s robotics-assisted assembly system. The system is a technological marvel for the company as it automates solar panel installations, reduces heavy lifting and labour-intensive work, and prioritises worker safety.
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In the U.S. alone, Terafab™ has installed 40 megawatts of solar capacity and is expected to increase the number to hundreds of megawatts of solar power by next year with reinforcement from this new investment.
SoftBank has praised the company's growing role in meeting the rising energy demand, especially from AI data centres. At the moment, data centres consume a lot of power and require energy-efficient, scalable renewable solutions to reduce their environmental impact as well as carbon footprint. According to SoftBank, Terabase has the potential to expand its technology and transform how large-scale solar farms are built.
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This investment comes close on the heels of the growing recognition of solar power as a 24/7 energy source, backed by investments in battery storage technology. With rising power demand and expanding domestic manufacturing, utility-scale solar is increasingly seen as the fastest and most cost-effective way to increase power generation.
Matt Campbell, CEO of Terabase, said: "SoftBank Vision Fund’s investment reflects our shared commitment to leveraging advanced technology to drive the future of renewable energy. This funding validates our mission and provides the resources to scale our platform, paving the way for the terawatt era of solar.”
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Source: Terabase
