Thank you to @WSJ for covering the launch of Base Core and our $1B Series D.
The U.S. is undergoing a foundational shift in energy demand, and traditional power generation can't scale fast enough to meet it. Meeting demand this fast calls for new technology that works alongside the grid and adds capacity where it's needed most.
Base Core does just that: one of the largest home batteries on the market at 39.2 kWh, designed and built by Base in Austin, and engineered for rapid deployment at scale.
This new capital will go toward bringing Core to more homes, expanding nationally, and hiring exceptional talent.
The Series D is led by @RibbitCap, Addition, Valor Equity Partners, and @jpmorgan’s Strategic Investment Group, with participation from @AltimeterCap, D1 Capital Partners, Sands Capital, @coatuemgmt, Layer Global, and @EnergyImpact_ . Base’s major existing investors are re-investing, including @ThriveCapital, @a16z, @lightspeedvp, Trust Ventures, @CapitalG, and more.
https://t.co/SSzoQkcXOr
Many companies will announce a factory by standing in suits and shoveling some dirt.
That always seemed strange to me, so we built the factory, got it running, and now we’re ready to announce it.
We've raised a $1B Series D at a $13B valuation to expand to more homes, and launching Base Core; built here in Texas.
1/ (more pics in 🧵)
Today, we're launching Base Core, our own battery designed & built in Texas, and announcing our $1B Series D to bring it to homes across the country.
Three years ago, we started Base with a belief that batteries were the unlock to energy abundance. We saw battery storage as the foundation of a modern energy system, and believed we could win the market with vertical integration, technology, and relentless execution (what we now call Base Pace). So we set out to build a network of distributed batteries to deliver affordable, reliable electricity to homeowners and utilities.
While the job is far from finished, the launch of Base Core is the most meaningful step in that plan. We’ve spent the last few years learning hard lessons about building a distributed battery fleet, going from 1 install per day in June of ‘24 to 100 installs per day in June of ‘26. These lessons - how the battery is shipped, installed, used, and monitored - informed the design of Core. Now, Core will be the foundation of the company's next phase of growth.
Base Core is a first-of-its-kind home battery. At ~40 kWh it is 3x the size of most home batteries, providing up to 36 hours of backup for the average home. In the event of multi-day outage, Core is equipped with a (first of its kind) generator port - pull out a small portable generator and charge the battery back up to keep your home running as long as you need. When an outage does happen, the backup is seamless - most members won't even notice the grid went down. It's built to withstand Texas summers, Chicago Winters, and everything in between. And finally, it’s manufactured by our team in Austin, at Base Factory 1, right across the street from our HQ.
This new capital will bring Core to more homes and to accelerate our ambition beyond batteries. The round is co-led by Ribbit, Addition, Valor, and JP Morgan, with participation from new major investors D1, Sands, Coatue, Layer Global, and Energy Impact Partners. All of Base’s major existing investors are re-investing, including Thrive, Altimeter, Lightspeed, a16z, CapitalG, Trust, and more. This brings our valuation to $13B.
As we enter the most important growth period in the history of the electricity industry, our mission has not changed - advance human prosperity by delivering the world's most affordable and reliable electricity. Our strategy has not changed - technology, plus vertical integration, plus relentless execution, leads to a compounding cost advantage. What has changed is the scope of our ambition - this new capital, along with the team and capabilities we've built over the last three years, positions us to build technology across the electric stack, including what it takes to serve surging demand from AI, and to deepen our partnerships with utilities as they work to meet rising demands.
Electricity is the largest and most essential industry in the world, and it does not have a defining technology company. The company that delivers the most affordable, reliable power will be one of the largest and most impactful companies in the world. We intend to build it. If you'd like to join us, reach out.
Onwards.
https://t.co/Qp3F9rPtLa.
We’re revealing Base Core and announcing our $1B Series D.
Execution speed has been one of the more talked-about parts of our culture, but it’s still dramatically underrated.
We built one of the fastest-growing energy portfolios in the world with our first generation of hardware. Core makes that deployment speed look extremely slow.
It’s still so, so early in our story. We’re only a few steps into the marathon.
We have 168 open roles. Come be early: https://t.co/pVm28t1QyE
Base told me they save people money on their electricity bills, keep the lights on during power outages and strengthen the overall power grid.
I couldn’t understand how that was possible or why everyone wouldn’t switch to Base, so I wanted to find out for myself.
I’m now a customer, investor & endorser.
I toured the factory, met the team, visited a home install and asked a whole bunch of questions.
I went on the Base website and typed in my address to see how much they could save me on my electricity bill and it said 35%. I switched right there on the spot. No special VIP pricing, no endorsement trick, I literally logged on and did it myself on the regular website right from my phone.
The one question I kept coming back to was “Save money, protect your home during outages, help support the power grid. Why wouldn’t everyone want to get Base?”
I still haven’t found an answer to that yet.
Today they're launching Base Core, a new home battery fully designed by Base and built right here in Texas.
Check it out here: https://t.co/nZzMUo0yfh
@basepowerco
Born in Austin. Built in Austin. Now serving Austin.
In partnership with Austin Energy, Base is now bringing whole-home backup to our hometown for a fraction of the cost.
See if your home qualifies at https://t.co/ZXATDMaoJl
Base Power is now live in Illinois, our first market outside of Texas.
We've helped more than 20,000 Texas homeowners lower their energy bills and back up their homes. We're bringing that same model to Chicagoland, where energy supply rates surged nearly 50% last year and continue to climb.
Learn more at https://t.co/LXXw3l8Jm0
We're excited to announce that our partnership with GVEC is expanding across their full service territory, deploying 50 MW of residential battery storage across South Central Texas.
This expansion builds on a successful pilot and enables GVEC to bring significantly more dispatchable capacity online, further demonstrating how the utility-led distributed storage model can scale rapidly across a cooperative's full footprint.
I think I am finally fully understanding the Base power business model , its really a sneakily great business
Austin Energy is about to sign a $40 million dollar deal with them for 40 megawatts of electric power capacity from batteries. Its not coming from a battery facility, it will come from thousands of homeowners who have Base Power backup batteries installed at their homes.
At first I thought it was just a home battery backup company for power outages, but the vision is to really create a distributed battery storage system. Its like the bitcoin of power. You charge the battery when power is cheap, or you get it free from your solar, and then sell it back to Austin Energy when power is expensive.
Over the past year they've been able to drive the install cost on these home batteries from $3k to $700 , if they can get that even lower, and the energy company pays you for being part of the storage system, it could become a no-brainer..
Today we're announcing Base Energy, a new electricity plan open to any Texan that can choose their provider, battery or not.
Most Texans say they’re happy with their electricity provider. Our data shows 7 in 10 are overpaying and can save with our new plan. The reason is structural: our battery fleet generates revenue by supporting the Texas grid, and we pass those earnings back as a low, fixed rate that's guaranteed below market average, now and at renewal.
Renters, apartment tenants, homeowners not yet ready for a battery: if you're in Texas and can choose your provider, you're eligible.
Affordable, reliable power for all. That's the mission, and today we're a lot closer.