Home Battery Startup Base Power Raises $1 Billion at $13 Billion Valuation

Home energy and battery storage company Base Power announced today that it has raised $1 billion in a Series D funding round and launched Base Core, a home battery designed to support the electric grid.

The financing values the company at a $13 billion post-money valuation.

According to the company, the financing comes as the U.S. undergoes a foundational shift in energy demand, while traditional power generation cannot scale fast enough to meet demand.

Founded in 2023 by Justin Lopas and Zach Dell, Texas-based Base Power provides home battery systems and electricity services designed to lower electricity costs, provide backup power and support grid reliability.

Base Power said that Base Core is designed to add capacity where it is needed most, offering one of the largest home battery systems on the market at 39.2 kWh / 78.4 kWh. The company added that the battery is designed and built in the U.S. and engineered for rapid deployment at scale.

The company that the new capital will be used to expand the deployment of Base Core, support national expansion, and grow its workforce.

Zach Dell, CEO and Co-Founder, Base Power, said:

“We brought together the best hardware and software engineers in the world to build Core – a battery designed to protect American homes while supporting the grid. It installs in under an hour, switches over seamlessly, is built to handle extreme weather, and delivers extended outage protection at a price Americans can afford.”

The financing round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, part of the firm’s Security and Resiliency Initiative, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners, alongside existing investors are re-investing, Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG, and others.

Todd Combs, Head of the Strategic Investment Group for JPMorganChase’s Security and Resiliency Initiative, said:

“JPMorganChase is proud to support Base Power as it modernizes the grid through distributed energy solutions that enhance reliability, expand capacity and help build a more resilient and secure power system for the future.”