Base Power

Energy Storage · Cleantech · Grid Infrastructure

Funding

Base Power raises $1B Series D at $13B valuation to scale battery factory

Thousands of subscription home batteries are being pitched as faster new grid capacity than utilities can build.

• Base Power closed a $1 billion Series D at a $13 billion post-money valuation, led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase's Strategic Investment Group.
• The Austin startup installs large home batteries under a subscription model rather than a big upfront purchase, then resells stored power back to the grid during peak demand.
• Alongside the raise, Base launched Base Core, a 39.2 kWh (or 78.4 kWh dual-unit) lithium iron phosphate battery built at its Austin factory, installable in under an hour with up to 36-72 hours of backup.
• The valuation jumped from $4 billion to $13 billion in under a year, and Base has now raised over $2.5 billion total since its 2023 founding.
• Base's operational battery fleet has grown past 500 MWh across Texas and Illinois, with utility partnerships including El Paso Electric, Austin Energy, and CoServ totaling over 200 MW.
• The round comes as AI data center construction and broader electrification strain the U.S. grid, most acutely in PJM territory covering parts of Illinois where Base operates.
• The deal is one of the largest bets yet that distributed home batteries, not new power plants, can be the fastest way to add grid capacity amid an AI-driven demand surge.
• Base plans to use the funding to expand Base Core production, push installs toward roughly 200 batteries per day, and grow beyond its current Texas and Illinois markets.