Home Battery Grid Builder Base Power Raises $1 Billion Series D

Base Power has raised $1 billion in Series D financing at a $13 billion post-money valuation, about 10 months after closing a $1 billion Series C round. Its valuation has more than tripled from $4 billion at the previous round.

The company also launched Base Core, a home battery designed from the ground up to support the power grid. It is now in production at Base Factory 1 in Austin, Texas.

Turning Home Batteries Into a Distributed Power Plant

Base Power does more than sell backup batteries. It connects batteries installed in homes through software, charging them when electricity is abundant and using the stored power at homes or on the grid when demand peaks. The model operates thousands of distributed energy resources as a virtual power plant.

The company combines battery installation, electricity service and grid-management software. Homeowners gain extended outage protection, while utilities gain distributed storage capacity they can call on during peak periods. Base earns revenue by using the fleet in electricity markets and for grid-balancing services, helping lower customers’ upfront costs and electricity rates.

Base Core comes in 39.2 kWh and 78.4 kWh configurations. By capacity alone, they are roughly three and six times the size of Tesla’s 13.5 kWh Powerwall 3. Base says Core can be installed in under an hour, switches over seamlessly during an outage and is engineered for extreme weather.

The battery is being manufactured at Base Factory 1, which is producing thousands of systems per month. The new capital will support wider deployment of Core, national expansion and hiring.

Valuation More Than Triples in 10 Months

The Series D was co-led by Ribbit Capital, Addition, Valor Equity Partners and JPMorganChase’s Strategic Investment Group. Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global and Energy Impact Partners participated. Existing backers including Thrive Capital, Andreessen Horowitz, Lightspeed, Trust Ventures and CapitalG reinvested.

Base Power has now raised more than $2.5 billion. The company previously raised a $200 million Series B in April 2025 and a $1 billion Series C in October 2025.

Zach Dell and Justin Lopas co-founded Base Power in 2023. Dell has experience in finance and energy, while Lopas previously worked as an engineer at SpaceX and defense technology company Anduril. The company brings hardware, software and large-scale field deployment into a single organization.

A 500 MWh Battery Fleet Expands Beyond Texas

Base Power’s battery fleet has grown beyond 500 MWh. After building its initial business in Texas, it expanded into Illinois and formed utility partnerships with El Paso Electric, Austin Energy and CoServ representing more than 200 MW of capacity.

Home batteries can be deployed in parallel across many locations, while large power plants and transmission projects can take years to permit and build. That speed could make distributed storage a useful complement as data centers, electric vehicles and manufacturing drive rapid growth in electricity demand.

Competition is intensifying. Tesla operates Powerwall-based virtual power plant programs, while Lunar Energy is expanding both its home battery and Gridshare software, which manages 650 MW of energy resources. Sunrun and sonnen are also building virtual power plants around residential solar and storage.

Base Power’s distinguishing feature is its vertical integration of battery hardware, installation, electricity retail and grid services. Instead of selling a battery as a one-time product, it continuously operates distributed assets as grid capacity. Its ability to manage manufacturing costs, installation quality, local regulation and a rapidly growing fleet will determine whether it can justify its $13 billion valuation.

Sources: Base Power press page, Base Core