Base Power has raised $1 billion in its latest funding round to accelerate the expansion of its residential battery leasing business, as electricity demand rises across the United States.
The round values the Texas-based energy storage startup at $3 billion (pre-money), according to a source familiar with the transaction. Founded in 2023 and led by Zach Dell, son of Dell Technologies founder and CEO Michael Dell, Base Power leases battery systems to homeowners for a monthly fee. The systems provide backup power and allow the company to sell stored electricity back to utility networks during peak demand periods.
The sharp rise in power consumption, driven by energy-intensive artificial intelligence data centres, has fuelled interest in battery storage and grid resilience solutions across several US states.
Base Power has already deployed over 100 MWh of residential battery capacity and is constructing its first manufacturing facility in downtown Austin.
“This factory in Austin is our first, and we’re already planning for our second,” said co-founder and former Anduril and SpaceX executive Justin Lopas.
The $1 billion financing was led by venture capital firm Addition, with participation from Valor Equity Partners, Lightspeed, Andreessen Horowitz, Ribbit, CapitalG, and Elad Gil. Thrive Capital and 1789 Capital, a venture firm backed by Donald Trump Jr., also joined the round.
