Base Power has built one of the largest battery storage systems in Texas in two years — and now it wants to grow faster.
The Austin-based startup, which had raised $200 million in April, is back with another $1 billion in funding. The Series C round was led by Addition with participation from CapitalG, Elad Gil, Lightspeed, Ribbit, Thrive Capital, and Valor Equity Partners.
The new round values the company at $3 billion pre-money, according to The New York Times.
Base Power has sold more than 100 megawatt-hours’ worth of its home storage batteries in Texas — a notable figure considering the company was founded in 2023.
Base Power leases the batteries to homeowners, who pay between $695 and $995 upfront to install 25 kilowatt-hour or 50 kilowatt-hour batteries, both of which dwarf the competition. (For instance, the 25-kilowatt battery doubles a single Tesla Powerwall.) The batteries can keep a household powered for as long as 48 hours, according to the company.
