Base Power has raised $1 billion in a Series D round and launched Base Core, a residential battery system manufactured in the United States. The Austin-based energy company said the financing values it at $13 billion post-money and increases its total capital raised to more than $2.5 billion. The announcement strengthens Base’s effort to expand distributed energy capacity, improve household backup power, and support an electricity grid facing rising demand from homes, businesses, industrial facilities, and data centers.
Major Series D Financing
The round was led by Ribbit Capital, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group, which operates within the bank’s Security and Resiliency Initiative. Other participants included Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners, alongside existing investors Thrive Capital, Andreessen Horowitz, Lightspeed, Trust Ventures, and CapitalG. Base plans to use the capital to expand manufacturing, enter additional markets, increase battery deployments, strengthen utility partnerships, and recruit employees across its engineering, operations, and commercial teams.
Base Core and U.S. Manufacturing
Base Core is designed to provide household backup power while also functioning as a distributed energy resource that can support utilities during periods of high demand or grid disruption. The system will be available in 39.2-kilowatt-hour and 78.4-kilowatt-hour configurations, can reportedly be installed in less than an hour, and automatically switches on when an outage occurs. Production has begun at Base Factory 1 in Austin, where the company says it is manufacturing thousands of systems each month and building greater control over product development, supply, and deployment timelines.
Expansion of Distributed Grid Capacity
The launch follows rapid growth in Base’s managed battery network, which the company said has surpassed 500 megawatt-hours across its operating markets. Base has expanded beyond Texas into Illinois and is working with electricity providers to aggregate residential batteries into coordinated resources that can help manage peak demand, outages, and grid constraints. Partnerships with El Paso Electric, Austin Energy, and CoServ represent more than 200 megawatts of planned capacity, demonstrating how the company intends to combine household energy storage with utility-scale grid services.
Strategy and Market Position
Base’s model combines hardware, software, installation, and electricity services, allowing residential batteries to serve both individual homeowners and the wider power system. Investors supporting the round argued that distributed storage can add capacity more quickly than many conventional generation projects while strengthening resilience and reducing pressure on aging infrastructure. The company is betting that domestic manufacturing, faster installations, and utility integration will differentiate Base Core in a competitive residential energy storage market that includes established battery and solar technology providers.
Founded in 2023 by Zach Dell and Justin Lopas, Base Power is positioning itself as a new type of electricity provider built around networks of connected home batteries. The $1 billion Series D gives the company substantial resources to scale Base Core, expand geographically, and deepen relationships with utilities as U.S. power demand continues to increase. Its long-term success will depend on maintaining manufacturing quality, delivering reliable customer economics, meeting installation targets, and proving that distributed residential batteries can provide dependable capacity at meaningful scale.