Base Power built one of the largest battery storage systems in Texas in two years – and now wants to expand faster.
The Austin-based startup, which raised $200 million in April, is back with an additional $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 a pre-funded $3 billion, 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 up front to install 25-kilowatt-hour or 50-kilowatt-hour batteries, both of which dwarf the competition. (For example, the 25-kilowatt battery doubles a single Tesla Powerwall.) The batteries can power a household for 48 hours, according to the company.
Customers also pay a monthly fee ($19 or $29) and agree to purchase electricity from Base Power for three years at 8.5 cents per kilowatt hour plus delivery charges.
By leasing the batteries, Base Power has reduced a significant barrier for many homeowners: the upfront cost of home storage batteries. The batteries themselves cost thousands of dollars for less storage capacity, not including installation costs.
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Base Power also took advantage of Texas’ deregulated utility market, which allows households to easily switch electricity providers.
The state’s utility regulator generously rewards electricity providers that can respond quickly with large amounts of electricity when the grid needs it most, something grid-scale batteries excel at. In exchange for the low upfront cost, Base Power customers agree to allow the company to use the batteries to sell electricity back to the grid when they don’t need them for backup power.
In addition to expanding beyond Texas, the company also plans to build a second battery factory in the United States. It is currently building its first factory near Austin, Texas.
