It does seem likely considering that terra is the latin word for earth
This has been confirmed for a little while now. Teravolt, as it's called in the English games, works like Mold Breaker and allows moves to hit regardless of the opponent's ability. It doesn't take types into account so it won't be able to hit Ground-type Pokemon.
Yes, terra means earth or something like that, but:
Ability Terravoltage has been released just a few weeks ago, and nothing is known about it yet. Except that it has Zekrom