Texas-based Base Power announced it has raised $200 million in Series B funding, co-led by Addition, Andreessen Horowitz, Lightspeed Venture Partners, and Valor Equity Partners, with participation from existing investors Thrive Capital, Altimeter, Terrain, Trust, and others. With this new funding round, Base Power will continue rapid growth, bringing affordable and reliable energy to more homes across Texas while preparing for national expansion with its battery-powered home energy service.
This funding will go toward building the first Base factory in Texas, which will meet growing demand while ensuring better resilience, cost efficiency, and control as the company scales.
In under a year since launch, Base Power became one of the fastest-growing battery storage developers in the U.S. And through its partnership with Lennar, a top national homebuilder, and, more recently, with its first utility partnership with Bandera Electric, Base Power has expanded quickly in Texas across the Dallas-Fort Worth, Houston, and Austin metro areas.
Base Power is run by a team of engineers and operators from leading technology companies, including SpaceX, Tesla, Anduril, Blackstone, and Apple, bringing deep expertise in technology and infrastructure to reimagine the grid. And this expansion creates new opportunities for top talent to join a fast-growing company at the forefront of the energy transition.
New board members: Addition founder Lee Fixel will join Base Power’s board along with Antonio Gracias of Valor Equity Partners.
KEY QUOTES:
“Base Power is committed to making energy more reliable and affordable – in the last year we’ve demonstrated meaningful progress on that mission. Our rapid expansion has allowed us to power up thousands of Texans in just a few months, while driving their energy costs down and power reliability up. With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally.”
– Zach Dell, CEO and Co-Founder of Base Power
“Base Power has made extraordinary progress in a short time, demonstrating its ability to deliver innovative energy solutions that are both cost-effective and reliable. We are excited to partner with the Base Power team in support of their efforts to make the energy grid across Texas and beyond more resilient.”
– Lee Fixel of Addition
