Base Power Secures $1 Billion to Expand Backyard Battery Network

Base Power announced a Series D round that raised $1 billion, valuing the company at $13 billion post-money. The round was led by Ribbit, Addition and JPMorgan Chase’s Strategic Investment Group, with participation from Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, Energy Impact Partners, Thrive Capital, a16z, Lightspeed, Trust Ventures, CapitalG and others. The startup’s co-founder and CEO is Zach Dell; his father, Dell CEO Michael Dell, did not take part in the financing.

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Base Power installs residential-scale batteries in homeowners’ backyards, a contrast to the large-site approach of most storage firms. To date the company has installed more than 500 megawatt-hours of storage and is currently adding about 100 batteries per day, with a goal to double that rate by year-end. Each unit, built at the Austin, Texas factory, stores 39.2 kilowatt-hours—nearly twice the capacity of competing home batteries. Base Power retains ownership of the batteries, sells stored electricity back to the grid during peak demand, and provides backup power for a day or more during outages.

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The financing arrives as U.S. electricity demand spikes due to economy-wide electrification and rapid AI data-center construction. Grid stress has become acute in regions such as PJM, which includes parts of Illinois where Base Power operates. By locating storage directly at residential sites, the company aims to relieve local grid strain in both regulated and deregulated markets.

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Analysts note that the subscription-based model lowers upfront costs for homeowners while giving utilities flexible, distributed capacity that can be dispatched during peak periods. If Base Power reaches its target of 200 batteries per day, the daily addition of roughly 8 megawatt-hours of storage could meaningfully bolster reliability in high-demand zones, supporting the broader push toward a more resilient, electrified grid.

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