Base Power raises $1 billion, launches home battery
The Austin, Texas-based startup has raised over USD 2.5 billion capital to date. The fresh funds will go toward bringing the new battery, Base Core, to more homes, expanding nationally and hiring talent.
Texas-based energy startup Base Power has announced USD 1 billion Series D financing at a USD 13 billion post-money valuation, alongside the launch of Base Core: a home battery designed from the ground up to support the grid, now in production at Base Factory 1 in Austin.
“We brought together the best hardware and software engineers in the world to build Core — a battery designed to protect American homes while supporting the grid,” said Zach Dell, CEO and co-founder of Base Power. “It installs in under an hour, switches over seamlessly, is built to handle extreme weather, and delivers extended outage protection at a price Americans can afford.”
Core follows a year of growth as Base has grown its battery fleet to over 500 MWh, expanded beyond Texas into Illinois, and launched partnerships with utilities including El Paso Electric, Austin Energy, and CoServ for over 200 MW of capacity, according to a media release.
“Base’s Factory 1 is now producing thousands of systems a month, while our deployment team enables the safe, efficient installation of them on homes throughout Texas and beyond,” said Justin Lopas, COO & Co-Founder, Base Power.
The Series D is led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, part of the firm’s Security and Resiliency Initiative, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners. Base’s major existing investors are re-investing, including Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG, and more, the media release said.
“Since our initial investment, the Base team has executed on an ambitious plan to become America’s Power Company,” said Antonio Gracias, Founder, CEO and CIO of Valor Equity Partners. “Power demand has surged in that time, and Base has emerged as one of the fastest and most cost effective ways to add capacity to the grid.”
“JPMorganChase is proud to support Base Power as it modernizes the grid through distributed energy solutions that enhance reliability, expand capacity and help build a more resilient and secure power system for the future,” said Todd Combs, Head of the Strategic Investment Group for JPMorganChase’s Security and Resiliency Initiative.
The company has raised over USD 2.5 billion capital to date. This new capital will go toward bringing Base Core to more homes, expanding nationally and hiring talent.
