Base Power announced Monday it has raised $1 billion in Series C financing to accelerate nationwide expansion of its residential battery storage network.
The round was led by Addition, with participation from all major existing investors including Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed and Andreessen Horowitz. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon and 1789, according to a company statement.
The Austin-based startup, founded in 2023, installs battery systems in homes that provide backup power during outages while allowing the grid to draw on stored electricity during peak demand periods.
“The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and co-founder. “The challenge ahead requires the best engineers and operators to solve it and we’re scaling the team to make our abundant energy future a reality.”
In less than two years, Base has deployed more than 100 megawatt-hours of residential battery capacity across the Dallas-Fort Worth metroplex, Greater Houston and the Austin region. The company has partnered with homebuilder Lennar and several utilities.
Base is building its first energy storage and power electronics factory at the former Austin American-Statesman printing press site in downtown Austin to meet growing demand.
The company recently qualified for Texas’s Aggregated Distributed Energy Resource program, which allows distributed batteries to be combined and bid directly into the state’s power grid. The program generates additional revenue that helps Base lower costs for homeowners.
“The only way to add capacity to the grid is physically deploying hardware, and we need to make that here in the U.S., ourselves,” said Justin Lopas, COO and co-founder.