The company’s Series A financing also included investments from Trancoso Partners, Powerhouse Ventures, and City Light Capital.
The company has set an objective to scale down solar energy prices to below one cent/kWh by 2025. By bringing the costs down, Terabase aims to accelerate deployment in large-scale solar by digitalizing the projects.
“This investment will allow us to continue to expand our team and enable our customers to more efficiently and rapidly deploy low-cost solar. Getting wholesale solar power costs below one cent per kilowatt-hour is vital to expanding the global applications for solar power and to addressing the global climate crisis,” said Matt Campbell, Chief Executive Officer of Terabase Energy.
The company said that it would introduce a collaborative and hosted solution platform for solar projects under development. It added that its cloud-based platform with new enhancements could collect more information about restraints on solar sites to fix the issues during project development.
According to Terabase Energy, it partners with solar project developers, independent power producers, engineering, procurement, and construction companies to scale down the development and operation cost of solar projects. The company’s platform is utilized by over 200 companies to develop solar power projects.
According to Mercom’s 1H and Q2 2020 Solar Funding and M&A Report, in the first half of 2020 (1H 2020), global VC funding (venture capital, private equity, and corporate venture capital) in the solar sector was 74% lower at $210 million compared to $799 million raised in the first half of 2019. A total of 23 VC investors participated in solar funding in 1H 2020.
In India, MYSUN, a Delhi-based technology platform for rooftop solar energy solutions, recently raised ₹320 million (~$4.2 million) from its existing investors in a structured equity deal. This was a part of its pre-series A round.