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Base Power raises $1 billion Series D, launches new home battery model
Key points
- Base Power raised $1 billion in Series D funding.
- The company's post-money valuation is $13 billion.
- Base Power launched Base Core, a new home battery with 39.2 kWh capacity.
- The company installs 100 batteries daily and plans to double that rate.
Funding Round Details
Base Power announced it has raised an additional $1 billion in Series D funding. This round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, with participation from Altimeter. This investment values the company at a $13 billion post-money valuation.
New Product Launch
Alongside the funding announcement, Base Power rolled out a new version of its home battery, named Base Core. This device is manufactured at the company's Austin, Texas factory and offers a storage capacity of 39.2 kilowatt-hours. Customers can opt for either one or two batteries.
Expansion and Market Context
Base Power currently installs approximately 100 batteries per day and aims to double this rate by the end of the year. The company operates in Texas and Illinois. This expansion occurs as electricity demand is increasing due to economy-wide electrification and the construction of AI data centers, which has strained the U.S. electrical grid in many locations, including portions of Illinois.
Business Model
Base Power offers its batteries on a subscription basis, rather than requiring large upfront payments. For example, in the Houston area, customers pay $695 for installation, $19 per month, and 13.1 cents per kilowatt-hour for electricity. Base Power owns the batteries and sells stored electricity back to the grid during peak demand periods. Homeowners can also use the batteries for backup power during outages.
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Reporting from
Base Power, a company that installs home batteries to support the electrical grid, has raised $1 billion in Series D funding, bringing its post-money valuation to $13 billion. The company also launched Base Core, a new home battery with 39.2 kilowatt-hours of storage capacity. This funding and new product aim to address increasing electricity demand driven by electrification and AI data centers, by expanding distributed energy storage.