Base Power announced it has raised $200 million in Series B funding, co-led by Addition, Andreessen Horowitz, Lightspeed Venture Partners and Valor Equity Partners with participation from existing investors Thrive Capital, Altimeter, Terrain, Trust and others.
With the new funding, Base Power will continue its rapid growth, bringing affordable and reliable energy to more homes across Texas while preparing for national expansion with its battery-powered home energy service. This investment will go toward building the first Base factory in Texas to meet growing demand while ensuring greater resilience, cost efficiency and control as the company scales.
In less than a year since launch, Base Power has become one of the fastest-growing battery storage developers in the U.S. Through its partnership with Lennar, a top national homebuilder, and, more recently, with its first utility partnership with Bandera Electric, Base Power has expanded rapidly in Texas across the Dallas-Fort Worth, Houston and Austin metro areas.
“Base Power is committed to making energy more reliable and affordable - in the last year we've demonstrated meaningful progress on that mission,” said Zach Dell, CEO and Co-Founder of Base Power. “Our rapid expansion has allowed us to power up thousands of Texans in just a few months, while driving their energy costs down and power reliability up. With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally.”
As part of the fundraise, Addition founder Lee Fixel will join Base Power’s board alongside Antonio Gracias of Valor Equity Partners.
“Base Power has made extraordinary progress in a short time, demonstrating its ability to deliver innovative energy solutions that are both cost-effective and reliable,” said Lee Fixel of Addition. “We are excited to partner with the Base Power team in support of their efforts to make the energy grid across Texas and beyond more resilient.”
Base Power is led by a team of engineers and operators from leading technologies companies including SpaceX, Tesla, Anduril, Blackstone, and Apple, bringing deep expertise in technology and infrastructure to reimagine the grid. This expansion creates new opportunities for top talent to join a fast-growing company at the forefront of the energy transition.
