Base Power Expanding Battery Storage Manufacturing in U.S. through $1B Series D Round
Distributed energy developer Base Power is developing a home battery designed to support the grid from the ground up in the U.S., following a successful $1 billion Series D round of venture capital.
The closing of the latest financing round, co-led by Ribbit Capital, Addition and Valor Equity Partners, reportedly brings Base Power to a $13 billion valuation as the company moves forward with the production of its “Base Core” home batteries at its Base Factory 1 in Austin, Texas.
As the U.S. continues to experience shifts in the overall energy landscape of power demand, the residential energy storage startup states that traditional power generation “can't scale fast enough to meet it.”
To meet that demand, Base Power’s Base Core system claims to be one of the largest home battery systems in the U.S. market, noting that new technology must work alongside the grid to provide this much-needed capacity. The battery system, which uses lithium iron phosphate (LiFePO₄) in its cell chemistry, introduces a single cabinet capacity (the energy stored inside a unit) of 39.2 kWh and up to 78.4 kWh of dual cabinet capacity for extra storage.
"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 Base Power Co-Founder and CEO Zach Dell in a statement. "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."
Base Power, founded in 2023, explains that this rapid on the ground deployment follows a year of growth as the company expanded beyond Texas into Illinois with a total capacity of over 500 MWh. The result has led to new partnerships with utilities El Paso Electric, Austin Energy and CoServ for over 200 MW of capacity through utility agreements across its battery fleet.
To date, Base Power has secured over $2.5 billion in capital to accelerate the national expansion of its residential battery system while prioritizing a domestic supply chain.
“It is so important to bring manufacturing back to the U.S., especially for critical infrastructure,” said Justin Lopas, COO and co-founder of Base Power. “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.”
