Base Power has raised $1 billion in a Series D financing round at a $13 billion post-money valuation and launched Base Core, a home battery manufactured at the company’s Austin facility.
The financing brings Base Power’s total capital raised to more than $2.5 billion. The company plans to use the new funding to expand nationally, install Base Core systems in more homes and hire additional employees.
The round was led by Ribbit, Addition, Valor Equity Partners and JPMorganChase’s Strategic Investment Group, part of the bank’s Security and Resiliency Initiative.
Other participants included Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global and Energy Impact Partners.
Existing investors Thrive Capital, Andreessen Horowitz, Lightspeed, Trust Ventures and CapitalG also reinvested.
Base Core is designed to provide backup power for homes while also supporting the broader electric grid. The battery is available in configurations offering 39.2 kilowatt-hours or 78.4 kilowatt-hours of storage, making it one of the larger residential battery systems on the market.
Base said the system can be installed in less than an hour, switch over seamlessly during an outage and operate in extreme weather conditions.
The battery is now in production at Base Factory 1 in Austin, which the company said is producing thousands of systems each month.
Base’s model combines distributed residential battery installations into a larger fleet capable of supporting utility capacity and grid reliability.
Over the past year, the company expanded its battery fleet to more than 500 megawatt-hours and entered Illinois after initially operating in Texas.
Base also established partnerships with El Paso Electric, Austin Energy and CoServ covering more than 200 megawatts of capacity.
The company said rising U.S. electricity demand is creating a need for technologies that can add capacity more quickly than conventional power generation.
Base Core is available to homeowners in selected areas of Texas and Illinois, with broader expansion planned.
Founded in 2023, Base Power is headquartered in Austin and develops distributed energy systems intended to improve affordability, capacity and grid resilience.
KEY QUOTES:
“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. 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.”
Zach Dell, Co-Founder and CEO of Base Power
“It is so important to bring manufacturing back to the U.S., especially for critical infrastructure. 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.”
Justin Lopas, Co-Founder and COO of Base Power
“Since our initial investment, the Base team has executed on an ambitious plan to become America’s Power Company. 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.”
Antonio Gracias, Founder, CEO and CIO of Valor Equity Partners
“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.”
Todd Combs, Head of the Strategic Investment Group for JPMorganChase’s Security and Resiliency Initiative
