Base Power, an Austin-based energy startup founded in 2023, has rapidly deployed one of the largest home battery storage portfolios in Texas, selling more than 100 megawatt-hours of capacity over the past two years. Fresh off a $200 million funding round in April, the company has secured an additional $1 billion in Series C financing. The new capital, led by Addition with participation from CapitalG, Elad Gil, Lightspeed, Ribbit, Thrive Capital, and Valor Equity Partners, values the business at $3 billion pre-money.
The company’s offering centers on leasing high-capacity home storage systems. Customers pay an upfront installation fee of $695 for a 25 kilowatt-hour battery or $995 for a 50 kilowatt-hour unit—both of which exceed the storage capacity of many competitors. These systems can provide backup power for up to 48 hours, addressing increasingly frequent grid outages. In addition to the initial fee, homeowners commit to a three-year service agreement, which includes a monthly lease payment of $19 or $29 and electricity supply at 8.5 cents per kilowatt-hour plus local delivery charges.
By converting what is typically a multi-thousand-dollar purchase into a predictable lease cost, Base Power aims to overcome the high upfront expense that has limited wider adoption of residential storage. The startup also leverages Texas’s deregulated electricity market. Customers agree to let Base Power dispatch their batteries to the grid when not needed for home backup, enabling the company to earn revenue by responding rapidly to grid-capacity events—a service for which the state’s energy regulator offers premium payments.
Looking ahead, Base Power plans to expand beyond Texas and is already constructing its first manufacturing facility near Austin. The company has announced intentions to establish a second battery factory elsewhere in the United States, aiming to support its accelerated rollout of home energy storage solutions nationwide.
Source: TechCrunch
