Base Power Announces $1B Series D and Launches Base Core, First-of-its-Kind Home Battery Built in the United States

Core is one of the largest and most powerful home batteries, designed to support the grid and deliver affordable, reliable power to Americans.

AUSTIN, Texas--(BUSINESS WIRE)--Base Power today is announcing a $1 billion Series D financing at a $13 billion post-money valuation, alongside the launch of Base Core: a home battery designed from the ground up to support the grid, now in production at Base Factory 1 in Austin.

The U.S. is undergoing a foundational shift in energy demand, and traditional power generation can't scale fast enough to meet it. Meeting demand this fast calls for new technology that works alongside the grid and adds capacity where it's needed most. Base Core does just that: one of the largest home batteries on the market at 39.2 kWh / 78.4 kWh, designed and built in America, and engineered for rapid deployment at scale.

"We brought together the best hardware and software engineers in the world to build Core - a battery designed to protect American homes while supporting the grid," said Zach Dell, CEO and co-founder of Base Power. "It installs in under an hour, switches over seamlessly, is built to handle extreme weather, and delivers extended outage protection at a price Americans can afford."

Core follows a year of rapid growth as Base has grown its battery fleet to over 500 MWh, expanded beyond Texas into Illinois, and launched partnerships with utilities including El Paso Electric, Austin Energy, and CoServ for over 200 MW of capacity.

“It is so important to bring manufacturing back to the US, especially for critical infrastructure,” said Justin Lopas, COO & Co-Founder. “Base’s Factory 1 is now producing thousands of systems a month, while our deployment team enables the safe, efficient installation of them on homes throughout Texas and beyond.”

The Series D is led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, part of the firm’s Security and Resiliency Initiative, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners. Base’s major existing investors are re-investing, including Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG, and more.

"Since our initial investment, the Base team has executed on an ambitious plan to become America's Power Company. Power demand has surged in that time, and Base has emerged as one of the fastest and most cost effective ways to add capacity to the grid. We're proud to continue backing this team and this mission so more Americans can enjoy the peace of mind of affordable & reliable power," said Antonio Gracias, Founder, CEO and CIO of Valor Equity Partners.

“Through the Strategic Investment Group, part of Security and Resiliency Initiative, we’re investing in companies that are strengthening the infrastructure underpinning our economy and advancing the technologies needed to meet growing energy demand,” said Todd Combs, Head of the Strategic Investment Group for JPMorganChase’s Security and Resiliency Initiative. “JPMorganChase is proud to support Base Power as it modernizes the grid through distributed energy solutions that enhance reliability, expand capacity and help build a more resilient and secure power system for the future.”

The company has raised over $2.5B capital to date. This new capital will go toward bringing Base Core to more homes, expanding nationally, and hiring exceptional talent.

Base Core is available today to homeowners in select regions of Texas and Illinois. More information on Core is available at basepowercompany.com/core.

About Base Power

Founded in 2023 and headquartered in Austin, Texas, Base Power is an energy company building a grid for the future. The company's mission is to advance human prosperity through energy abundance — delivering reliable and affordable power for all.