Base Power, an energy provider headquartered in Austin, has announced the successful raising of US$1 billion in a Series C funding round. The funds will be utilised to expand its network of home-based energy storage systems across the United States. Founded in 2023 by CEO Zach Dell and COO Justin Lopas, Base Power focuses on enhancing grid stability and facilitating economic electrification by providing affordable and reliable power through distributed home battery systems. These systems allow users to access stored energy during outages and support the grid during peak demand. Grid operators compensate Base Power for the energy provided, with these payments helping to reduce customer power bills.
The company has deployed over 100 megawatt-hours of residential storage within two years, establishing itself as one of the fastest-growing distributed energy providers in the country. COO and Co-Founder Justin Lopas stated that Base Power is committed to building domestic manufacturing capacity to address grid issues, emphasising the importance of deploying hardware within the U.S. to enhance infrastructure and grid resilience.
Base Power currently serves homeowners in the Dallas–Fort Worth, Houston, and Austin areas, with plans for national expansion. To support this growth, the company is constructing a new manufacturing facility for energy storage and power electronics on the former site of the Austin American-Statesman downtown. Additionally, Base Power has qualified for Texas’s Aggregated Distributed Energy Resource programme, which allows home battery networks to participate directly in the state’s power market. This initiative is expected to enhance grid reliability and lower energy costs for consumers.
The funding round was led by venture capital firm Addition, with ongoing support from Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, and Andreessen Horowitz. New investors include CapitalG, Ribbit, BOND, Lowercarbon, and Spark.
