Base Power secures another $1B to stabilize the grid with home batteries

Base Power, a company that takes a home-based approach to energy storage, has announced an additional $1 billion in funding. Rather than relying on large plots of land near grid connections, the startup installs batteries in customers' backyards, and says the strategy is working: it has deployed more than 500 megawatt-hours of storage over the past few years.

The company is currently installing around 100 batteries per day, roughly 8 megawatt-hours of capacity, and aims to double that pace by the end of the year. The new round, a Series D, comes less than a year after its previous billion-dollar raise and values Base Power at $13 billion post-money.

Alongside the funding, Base Power unveiled its next-generation home battery, the Base Core. Manufactured in the company's Austin, Texas facility, the unit stores 39.2 kilowatt-hours of electricity, significantly more than competing products. Customers can opt for one or two batteries.

Base Power operates in Texas and Illinois. The investment lands as electricity demand surges, driven by economy-wide electrification and rapid construction of AI data centers. In recent years, the U.S. grid has expanded after decades of stagnation, but the added load has stretched it in places like PJM, which covers parts of Illinois where Base Power works.

The company offers a subscription model rather than requiring customers to pay thousands upfront. In the Houston area, for instance, installation costs $695, followed by a $19 monthly fee and a per-kilowatt-hour charge of 13.1 cents, roughly the local market rate. Base Power retains ownership of the batteries and sells stored electricity back to the grid during peak demand. Homeowners also gain backup power for blackouts, with nearly 40 kWh capable of lasting a day or more.

The Series D was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase's Strategic Investment Group, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, Energy Impact Partners, Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG, and others. Zach Dell, the company's co-founder and CEO, said his father, Dell founder Michael Dell, did not take part in this round.