Solar digital solutions startup Terabase Energy announced that it has signed a definitive agreement to acquire PlantPredict, a predictive solar energy modeling tool, from First Solar, Inc. (FSLR), a leading American solar technology company. The terms of the agreement were not disclosed.
PlantPredict is a sophisticated predictive solar energy modeling tool that was developed by First Solar for utility-scale PV applications. Easy to use, with advanced modeling options, PlantPredict reduces energy delivery uncertainty by generating rigorously field-verified energy predictions. PlantPredict has been used by thousands of users around the world over the past 10 years and has been validated by third-party independent engineering firms and peer-reviewed studies. The system has been used in the financing of many gigawatts (GW) of solar power plants, demonstrating the accuracy and bankability of its performance modeling.
Terabase is developing a digital, automation, and smart device ecosystem to drive down solar power prices below $0.01 per kWh by 2025. Its proprietary system is used by more than 400 engineering, procurement, and construction (EPC) firms, developers, and independent power producers in 28 countries.
"Adding an industry-leading, bankable, cloud-based performance tool like PlantPredict to our expanding suite of technical solutions makes strategic sense for Terabase," said Matt Campbell, Terabase CEO. "The future of performance modeling is tighter integration with software-based design, cost estimating and financial modeling and it's important for Terabase to have its own cloud-based performance modeling solution. PlantPredict is a perfect complement to other solutions we offer and have under development."
The First Solar PlantPredict team will join Terabase following the closing of the transaction, which is expected to take place in October 2021. This is Terabase's second acquisition of the year, following its deal to integrate operational technology provider REPlantSolutions earlier this year.
"As we maintain our focus on our advanced module technology, it was important for us to find the right company to integrate PlantPredict into a broader digital energy product portfolio while continuing to raise the bar for solar energy modeling," said Nick Strevel, vice president, Product Development, First Solar. "PlantPredict users have long enjoyed rapid, highly accurate, and bankable predictions and, looking to the future, can expect to benefit from the platform's integration into other Terabase offerings."