Base Power Raises $1 Billion to Scale Home Battery Network

Base Power raised $1 billion in a Series D funding round, bringing the Austin-based energy storage startup's post-money valuation to $13 billion. The investment round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s strategic investment arm, with additional participation from a16z, Thrive Capital, Lightspeed, and CapitalG.

Simultaneous with the funding, the company launched Base Core, a home battery manufactured at its Austin factory. The batteries are available in capacities of 39.2 or 78.4 kWh and are offered on a subscription basis to reduce upfront costs for consumers.

The company utilizes a virtual power plant model to pool distributed home batteries, providing critical grid capacity during peak demand driven by electrification and AI data centers. Base Power currently operates in Texas and Illinois, where it has installed over 500 MWh of storage. The firm maintains utility agreements with CoServ, El Paso Electric, and Austin Energy.