In two years, Base Power built one of the largest battery storage systems in Texas and now aims to grow even faster.
The Austin-based startup raised $200 million in April and 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 of home battery storage in Texas. This is a remarkable number considering the company was founded in 2023.
Base Power leases its batteries to homeowners, who pay between $695 and $995 upfront to install a 25-kilowatt-hour or 50-kilowatt-hour battery, both of which dwarf the competition. (For example, a 25-kilowatt battery doubles the power of one Tesla Powerwall.) The company says the battery can continue to power your home for up to 48 hours.
Customers also pay a monthly fee ($19 or $29) and commit to purchasing power from Base Power for three years at 8.5 cents per kilowatt-hour plus delivery charges.
By leasing its batteries, Base Power has lowered the initial cost of home battery storage, a major hurdle for many homeowners. The battery itself costs several thousand dollars, not including installation costs, due to its low storage capacity.
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Base Power also takes advantage of Texas’ deregulated electricity market, which allows households to easily switch electricity providers.
The state’s utility regulators are offering big incentives to utilities that can quickly deliver large amounts of power when the grid needs it most, something grid-scale battery storage does well. In exchange for lower initial costs, Base Power customers agree to allow the company to use batteries to sell power to the grid when batteries are not needed as a backup power source.
In addition to expanding beyond Texas, the company also plans to build a second battery factory in the United States. The company is currently building its first factory near Austin, Texas.
