Home Battery Startup Base Power Reaches $13 Billion Valuation
Home battery company Base Power has reached a $13 billion valuation after raising $1 billion in a Series D funding round. The Austin-based startup aims to address the growing power demand in the US by turning homes into grid capacity. Base Power's battery, Base Core, is now available for sale in parts of Texas and Illinois.
Key points
- Base Power, a two-year-old home battery startup, has reached a $13 billion valuation after raising $1 billion in a Series D funding round.
- The company aims to address the growing power demand in the US by turning homes into grid capacity, with its battery, Base Core, rated at 39.2 or 78.4 kWh.
- Base Core installs in under an hour and rides out extreme weather, with the company's fleet now topping 500 MWh.
- The startup's solution is to pool home batteries into capacity the grid can lean on when demand peaks, making each house a node in a virtual power plant.
- Existing backers, including a16z and Lightspeed, joined new investors Ribbit, Addition, and Valor Equity Partners in the funding round.
Base Power, a home battery startup founded just two years ago, has reached a staggering $13 billion valuation after raising $1 billion in a Series D funding round. The Austin-based company aims to address the growing power demand in the US by turning homes into grid capacity.
The company's solution is to pool home batteries into capacity the grid can lean on when demand peaks, making each house a node in a virtual power plant. This approach is seen as a potential game-changer in the energy sector, as it allows for a more distributed and flexible way of managing power demand.
Base Power's battery, Base Core, is now available for sale in parts of Texas and Illinois. The battery is rated at 39.2 or 78.4 kWh and installs in under an hour, making it a convenient option for homeowners. The company's fleet now tops 500 MWh, demonstrating the potential of its solution.
The funding round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase's strategic investment arm, with existing backers including a16z, Thrive Capital, Lightspeed, and CapitalG also participating. The valuation of $13 billion post-money takes the company's total raised past $2.5 billion.
As the US grid continues to struggle to keep up with growing power demand, companies like Base Power are emerging as potential solutions. With its innovative approach and significant funding, Base Power is well-positioned to make a meaningful impact in the energy sector.
Sources
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