Base Power, a startup focused on energy storage, has raised an additional $1 billion in a Series D funding round, bringing its valuation to $13 billion. This latest capital injection arrives less than a year after the company’s previous billion-dollar round. Base Power distinguishes itself by installing home batteries in people’s backyards rather than relying on large centralized storage facilities. To date, the company has deployed over 500 megawatt-hours of storage, installing approximately 100 batteries daily with plans to double that pace by year-end.

The company has introduced a new battery model called Base Core, manufactured at its Austin, Texas plant. This device offers a capacity of 39.2 kilowatt-hours — notably larger than many competitors’ offerings — and customers can opt for one or two units. Base Power operates primarily in Texas and Illinois, regions where growing electricity demand, driven by widespread electrification and rapid expansion of AI data centers, has put significant pressure on the electrical grid. The startup provides batteries on a subscription basis, reducing upfront costs and allowing customers to benefit from backup power during outages.

Base Power collaborates with utilities in regulated markets to deploy home batteries as a means to lessen grid strain, while in deregulated markets customers directly use the stored energy for home backup. The company’s model allows it to sell electricity back to the grid during peak usage, generating revenue that supports its service offerings. In Houston, for example, customers pay a $695 installation fee, a $19 monthly subscription, and typical regional electricity rates per kilowatt-hour, making the solution accessible to a broad range of homeowners.

The funding round was led by Ribbit, Addition, Valor Equity Partners, and JPMorgan Chase’s Strategic Investment Group, with participation from several other major investors including a16z, Coatue, Energy Impact Partners, and CapitalG. Base Power was founded by Zach Dell, who currently serves as CEO; however, Michael Dell, his father and Dell Inc.’s CEO, did not participate in this financing. The company's strategic approach to decentralized storage aims to address grid reliability challenges amid surging electricity demand and evolving energy markets.