Where most energy storage companies look for big tracts of land near large connections to the grid, Base Power is betting that it can beat them all by putting batteries in people’s backyards instead.
It appears to be paying off, with Base Power installing more than 500 megawatt-hours of storage over the past few years. The startup announced today that it has raised another $1 billion less than a year after its last billion-dollar round.
The Series D values the company at a $13 billion post-money valuation. Base Power is installing about 100 batteries per day, according to The Wall Street Journal report, and it hopes to double that by the end of the year. That works out to about 8 megawatt-hours of storage installed per day.
Base Power also rolled out a new version of its home battery today, called Base Core. The device is built at its Austin, Texas factory, and it can store 39.2 kilowatt-hours of electricity, significantly more than those of its competitors. Customers can choose either one or two batteries. Base Power operates in Texas and Illinois.
The round arrives as electricity demand has been skyrocketing due to economy-wide electrification and the rapid pace of AI data center construction.
