Base Power raises $1B to deploy home batteries everywhere

Base Power, an Austin-based startup founded in 2023, has rapidly become a significant player in home battery storage, having sold over 100 megawatt-hours of batteries in Texas. The company recently secured $1 billion in a Series C funding round led by Addition, with participation from several prominent investors, valuing the company at $3 billion pre-money. Base Power leases large-capacity home batteries (25 kWh and 50 kWh), which are notably larger than competitors like Tesla’s Powerwall, to homeowners at a relatively low upfront cost ($695 to $995) plus a monthly fee and a three-year electricity purchase commitment. This leasing model lowers the traditional high upfront cost barrier for home energy storage. Base Power leverages Texas’s deregulated electricity market, allowing customers to switch suppliers easily and enabling the company to use the leased batteries to sell electricity back to the grid during peak demand, benefiting from utility incentives. This dual-use approach helps stabilize the grid while providing backup power to homeowners