Base Power Raises $1B for Backyard Battery Storage
Energy storage startup Base Power has raised $1 billion in funding, valuing the company at $13 billion. The company installs batteries in backyards, aiming to alleviate grid strain caused by electrification and data center growth. It has installed over 500 megawatt-hours of storage and plans to double its installation rate.
Key points
- Base Power, a US-based energy storage startup, has raised $1 billion in funding, taking its post-money valuation to $13 billion.
- The company installs batteries in backyards, aiming to alleviate grid strain caused by electrification and data center growth.
- Base Power has installed over 500 megawatt-hours of storage and plans to double its installation rate to 200 batteries per day by the end of the year.
- The startup operates in Texas and Illinois, with its new product, Base Core, capable of storing 39.2 kilowatt-hours of electricity.
- The funding round arrives as electricity demand surges due to economy-wide electrification and rapid data center construction, straining the grid in many locations.
Base Power, a US-based energy storage startup, has raised $1 billion in funding, taking its post-money valuation to $13 billion. The company's innovative approach involves installing batteries in backyards, aiming to alleviate grid strain caused by electrification and data center growth.
The surge in electricity demand has strained the grid in many locations, most notably PJM, which hosts a large number of data centers. Base Power's backyard battery storage solution has shown promising results, with the company installing over 500 megawatt-hours of storage over the past few years.
The startup's new product, Base Core, is capable of storing 39.2 kilowatt-hours of electricity, significantly more than its competitors. Customers can choose either one or two batteries, and the device is built at Base Power's Austin, Texas factory.
The funding round arrives as electricity demand continues to surge due to economy-wide electrification and rapid data center construction. Base Power operates in Texas and Illinois, with plans to expand its operations in the future.
Sources
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