Base Power has built one of the largest battery storage systems in Texas in two years — and now it wants to grow faster.
The Austin-based startup, which had raised $200 million in April, is back with another $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 $3 billion pre-money, 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 upfront to install 25 kilowatt-hour or 50 kilowatt-hour batteries, both of which dwarf the competition. (For instance, the 25-kilowatt battery doubles a single Tesla Powerwall.) The batteries can keep a household powered for as long as 48 hours, according to the company.
Customers also pay a monthly fee ($19 or $29) and commit to buying electricity from Base Power for three years at 8.5 cents per kilowatt-hour plus delivery fees.
By leasing the batteries, Base Power has lowered a significant hurdle for many homeowners: the upfront cost of home storage batteries. The batteries themselves run thousands of dollars for less storage capacity, not including installation costs.
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Base Power has also taken advantage of Texas’ deregulated utility market, which allows households to easily switch electricity suppliers.
The state’s utility regulator handsomely rewards power 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 expansion beyond Texas, the company is also planning to build a second battery factory in the United States. It is currently constructing its first factory near Austin, Texas.
