EDP ​​Ventures was one of the investors in a €23 million funding round in Terabase Energy, the North American company that developed the world’s first digital and automated solution for building solar power plants in less time and at a lower cost.

The investment round in which EDP’s venture capital unit participated was led by Fifth Wall and also involved Prelude Ventures and SJF Ventures.

With this investment, the North American startup will advance the commercialization of Terafab, the name for an automated building system for building solar power plants, thereby contributing to accelerating the expansion of solar power at more competitive costs on a global scale.

“Terabase responds to the need for the renewable energy sector to expand more rapidly, as it pursues ambitious growth targets in the coming decades,” says Luis Manuel, Director of EDP Inovação.

The official also emphasized that this solution “will play an important role in increasing the industry’s capacity to build solar photovoltaic plants faster and in remote locations, in line with EDP’s own ambition to expand renewable energies.”

For Matt Campbell, co-founder and CEO of Terabase, “This funding will allow us to accelerate Terafab’s scale of production and ensure that we are ready to respond to increased demand effectively while we roll out Terafab.”

In terms of energy, Terabase has teams and solutions that accompany projects from the initial planning and engineering phase to implementation, technological optimization, procurement and operations.

For EDP Ventures, this investment represents a significant reinforcement of its commitment to innovative solutions and renewable energies, and it now has a portfolio of 37 companies in Europe, the USA, Latin America and Asia.