Base Power has announced a $1 billion Series D financing at a $13 billion post-money valuation, alongside the launch of Base Core, a home battery now in production at Base Factory 1 in Austin, Texas.
The company has raised more than $2.5 billion in total capital to date.
Base Core is one of the largest home batteries on the market, available in 39.2 kilowatt-hour (kWh) and 78.4 kWh configurations, designed and built in the United States and engineered for rapid deployment at scale.
The battery installs in under an hour, provides whole-home backup power during outages, and is designed to support grid reliability by functioning as a distributed energy resource during periods of peak demand.
“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, in a statement.
The Series D is led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners. Existing investors including Thrive Capital, a16z, and Lightspeed are also reinvesting.
The launch follows a year of rapid growth for Base Power, which has expanded its battery fleet to over 500 megawatt-hours (MWh), grown beyond Texas into Illinois, and established utility partnerships with El Paso Electric, Austin Energy, and CoServ for over 200 megawatts (MW) of capacity.
Read more here.
