"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 up front to install 25 kilowatt-hour or 50 kilowatt-hour batteries, both of which dwarf the competition. 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."
Base Power raised $1 billion in a Series C led by Addition and other investors, valuing the company at $3 billion pre-money. The Austin-based startup previously raised $200 million in April and has sold over 100 megawatt-hours of home storage batteries in Texas since its 2023 founding. Base Power leases 25 kWh and 50 kWh batteries to homeowners for $695–$995 up front, plus $19–$29 monthly, and a three-year electricity purchase commitment at 8.5¢/kWh plus delivery. The batteries can provide up to 48 hours of backup power. The leasing model lowers upfront cost and lets Base Power sell unused capacity to the grid under Texas’s deregulated market incentives.
Read at TechCrunch
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