Base Power, a fresh new name in the rapidly expanding domestic batter innovation economy, just closed on a $200 million Series B funding round. This funding will enable them to greatly increase their operations and expand their battery storage capacity. High-profile investors Addition, Andreessen Horowitz, Lightspeed Venture Partners and Valor Equity Partners co-led this round of funding. Altimeter, Terrain, Thrive Ventures, and Trust Ventures participated alongside in the mission.
Still, Base Power has taken an incredible jump in under a year. Once a stealthy startup, it’s now morphed into possibly the largest battery fleet in all of Texas. The company focuses on deploying utility-scale, home backup batteries, with their battery having either a 25 or 50 kilowatt-hour capacity. These units are nearly double or quadruple the capacity of a standard home Powerwall, which can cost around $15,000 or more before incentives.
In March, Base Power added an astounding 10 megawatt-hours of battery storage capacity. This accomplishment only cements its role as the forefront leader in a state currently undergoing explosive growth in grid-scale battery installations. Bigger projects still usually require years to plan and construct. With its user-centered approach, Base Power can lead the market by capturing the sustained, long-term demand for energy storage solutions.
The foundation of Base Power’s business model is built on these grid-balancing operations, which provide critical revenue streams for the company. Customers pay a modest annual fee of $225 — $345 depending on the level of service. That works out to about 2 cents/kWh for the typical Texan’s monthly bill. Customers have the option of paying a one-time cost of $595 or $995 depending on battery size.
Base Power’s national expansion plans include adding dozens more megawatt-hours of additional battery storage and developing a domestic battery factory. The firm aims for the 100 megawatt-hour milestone by this summer. Reaching this aspiration will significantly increase its ability to serve and fulfill its mission—to strengthen its place in the marketplace.
Texas is accelerating the transformation of its energy infrastructure by deploying grid-scale batteries. Innovative companies, like Base Power, are doing their part to fill the gap and keep pace with growing energy demands from both consumers and enterprises. Given their unique business model and large infusion of cash, they’re set to grow at an even faster pace in the hyper-competitive battery storage industry.
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