Austin-based energy provider Base Power announced that it has raised US$1 billion in a Series C funding round, with proceeds aimed at expanding its network of home-based energy storage across the U.S.
Founded in 2023 by CEO Zach Dell and COO Justin Lopas, Base Power provides solutions aimed at strengthening the grid and enabling the electrification of the economy, with a focus on aims supplying affordable, reliable power through distributed battery systems installed in homes. The company offers a home energy service powered by distributed batteries, enabling users to utilize the batteries during outages, while supporting the grid during times of peak need. Grid operators pay Base Power for the power they receive from the batteries, and these payments are then passed onto Base Power customers, helping offset power bills.
The company has so far deployed more than 100 megawatt-hours of residential storage in less than two years, making it one of the country’s fastest-growing distributed energy providers.
Justin Lopas, COO and Co-Founder of Base Power, said:
“We are building domestic manufacturing capacity for fixing the grid. The only way to add capacity to the grid is physically deploying hardware, and we need to make that here in the U.S. ourselves. We are building the infrastructure, systems, tools, processes, supporting software and team that is reindustrializing America and reinventing the grid.”
Base currently serves homeowners in the Dallas–Fort Worth, Houston and Austin regions and plans to expand nationally. To support that growth, it is building a new manufacturing facility for energy storage and power electronics on the former Austin American-Statesman site downtown.
The company also recently qualified for Texas’s Aggregated Distributed Energy Resource program, which allows networks of home batteries to participate directly in the state’s power market. The move is expected to improve grid reliability while reducing energy costs for customers.
The funding round was led by venture capital investor Addition, with continued backing from Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, and others. New investors include CapitalG, Ribbit, BOND, Lowercarbon, and Spark.
