Texas startup Base Power raises $1 billion in Series C
In less than two years, Base has deployed more than 100 MWh of residential battery capacity. To meet current and future demand, it is building its first energy storage and power electronics factory in Austin, Texas.
Base Power has raised USD 1 billion in Series C as the Texas-based startup scales its business of leasing batteries to homeowners amid rising power demand.
The round was led by venture capital firm Addition. Other major investors who are re-investing include Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain and Waybury. New major investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789, according to a media release.
Base delivers for homeowners and for the grid through a network of distributed storage technology.
“The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and co-founder of Base Power. “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 MWh of residential battery capacity. The company has also expanded operations, now serving homeowners across the Dallas–Fort Worth metroplex, Greater Houston, and the Austin region, with plans to expand nationally in the near future.
To meet current and future demand, Base is building its first energy storage and power electronics factory in Austin, the company said.
Base recently qualified for Texas’s Aggregated Distributed Energy Resource (ADER) program, which allows distributed batteries to be combined and bid directly into the grid. This participation strengthens reliability statewide and generates additional revenue from the grid, helping Base lower costs for homeowners while proving how distributed assets can operate at utility scale, it said.
“We’re building domestic manufacturing capacity for fixing the grid,” said Justin Lopas, COO and co-founder of Base Power. “The only way to add capacity to the grid is physically deploying hardware, and we need to make that here in the US, ourselves. This factory in Austin is our first, and we’re already planning for our second. We’re building the infrastructure, systems, tools, processes, supporting software, and team that’s reindustrializing America and reinventing the grid.”