Home / Business and Economy / Home Energy Storage Startup Base Power Secures $1 Billion Funding
Home Energy Storage Startup Base Power Secures $1 Billion Funding
3 Aug
Summary
- Base Power installs over 500 megawatt-hours of storage using backyard batteries.
- The company raised $1 billion, valuing it at $13 billion post-money.
- Base Power's new Base Core battery stores 39.2 kWh, offered via subscription.
Base Power is redefining energy storage by installing batteries in residential backyards rather than relying on large, grid-connected sites. The company has already deployed over 500 megawatt-hours of storage and recently announced a $1 billion funding round, its second such round in under a year. This Series D funding values Base Power at $13 billion post-money. The startup is rapidly expanding, installing approximately 100 batteries daily, aiming to double this by year-end.
Base Power introduced its new Base Core home battery, manufactured in Austin, Texas. This device boasts a 39.2 kilowatt-hour capacity, significantly exceeding competitors, and is offered to customers through a subscription model instead of large upfront payments. This strategy, coupled with the increasing demand for electricity driven by economic electrification and AI data centers, positions Base Power for substantial growth. The company operates in Texas and Illinois, with portions of Illinois falling under PJM's territory, an area experiencing grid strain.
