Base Power has secured $1 billion in a Series D funding round, pushing the energy storage startup to a $13 billion post-money valuation.
The company, which installs residential batteries in Texas and Illinois to bolster grid stability, raised this capital less than a year after its previous billion-dollar round. This latest injection of funds arrives as the firm looks to accelerate its current installation rate of approximately 100 batteries per day, with a goal to double that pace by the end of the year.
Hardware Expansion and Subscription Model
Alongside the funding, the company unveiled its new home battery system, the Base Core. Manufactured at the startup’s facility in Austin, Texas, the unit features a 39.2 kilowatt-hour capacity, which exceeds the storage capabilities of many competing residential systems.
Customers can choose to install either one or two units to meet their specific energy requirements.
Base Power differentiates its market approach by utilizing a subscription model rather than requiring large upfront payments. In the Houston area, for example, the company charges a $695 installation fee, a $19 monthly subscription, and 13.1 cents per kilowatt-hour for electricity.
By retaining ownership of the hardware, the startup can sell stored energy back to the grid during periods of high demand, a service that can generate significant revenue.
Addressing Grid Strain
The company’s expansion comes as electricity demand rises due to economywide electrification and the rapid construction of AI data centers. This increased load has strained electrical grids in several regions, particularly within the PJM territory that includes parts of Illinois. Base Power works with utilities in regulated markets to place batteries in homes to alleviate local grid stress.
Beyond grid support, the batteries provide homeowners with a backup power source during blackouts. At a capacity of nearly 40 kilowatt-hours, the units are capable of powering a residence for a day or longer. To date, the startup has installed more than 500 megawatt-hours of storage across its operational footprint.
Investor Backing
The Series D round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group. Additional participants included Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, Energy Impact Partners, Thrive Capital, a16z, Lightspeed, Trust Ventures, and CapitalG. The company was co-founded by CEO Zach Dell.
