Base Power, a distributed energy storage solutions provider, secured $200 million in a Series B funding round. Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain.
Base Power provides home energy storage solutions with a capacity of 50 kWh, which is stated to provide up to 3 days of power backup in case of an outage. The company then operates these batteries as a fleet of distributed storage devices similar to a utility-scale battery. These batteries enhance grid stability during normal operations and provide backup power to customers in the event of grid failure.
The company plans to use the funding in its R&D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.
“Base Power is committed to making energy more reliable and affordable – in the last year, we’ve demonstrated meaningful progress on that mission. 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,” said Zach Dell, CEO and Co-Founder of Base Power.
In March, Base Power partnered with Bandera Electric Cooperative, a member-owned Texas cooperative, to support BEC’s innovative home battery program. The program provides homeowners with affordable whole-home battery backup systems and equips the cooperative with a network of distributed energy storage systems that it can operate in real time.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, Venture Capital funding in the Energy Storage sector in 2024 decreased 60% year-over-year, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
In February, Scale Energy, a developer of industrial battery storage systems, secured €2 million (~$2.1 million) in an oversubscribed seed funding round led by Climentum Capital, an early-stage climate tech investor, with participation from Vireo Ventures and existing shareholders Antler and P3A.
