Base Power secures another $1 billion to expand backyard battery network

Base Power disclosed a $1 billion Series D financing that lifts its valuation to $13 billion, less than twelve months after a similar round. The company, which installs residential energy-storage units, is averaging about 100 battery installations per day and plans to increase that to 200 by the end of the year, equating to roughly 8 MWh of capacity daily. Its latest product, the Base Core, stores 39.2 kWh and is manufactured at the firm’s Austin, Texas plant, with customers able to choose one or two units on a subscription model.

Operating in Texas and Illinois, Base Power sells stored electricity back to the grid during peak periods, helping alleviate strain in markets like PJM. The round was led by Ribbit and included investors such as Addition, Valor Equity Partners, JPMorgan Chase’s Strategic Investment Group and several prominent venture firms. Co-founder and CEO Zach Dell noted the capital will fund the accelerated rollout amid rising national electricity demand driven by electrification and AI data-center construction.