cole jones

building @basepowerco | formerly @starlink & @SpaceX

[cole jones @colecjones]

@packyM knows how to capture my feelings 🫶

[Packy McCormick @packyM]

Last week, Base Power Company announced that it had raised $1B at $13B and launched Base Core.

The perfect opportunity to write Chapter 3 of the Book of Base.

This one is about bringing manufacturing in-house, capturing the High Ground, building a Capability Cannon, aiming it at new geographies and customer types, and where it might aim next.

There are only two companies I've written multiple Deep Dives on: Ramp and Base. I plan to write a Chapter every year until IPO, and then turn it into a book.

The ambition grows each time I come back, and now it's about as big as it gets. Base wants to become the world's largest energy company.

"Because if we are the best energy technology company, and energy is going through this kind of once in a generation demand inflection as the result of AI, the company who does this should become the world’s largest energy company and perhaps the world’s largest company," Zach told me. "But we'll see."

[JP Reilly @fatjapes]

Some things never go out of style

Introducing Base Core: The Battery for All Seasons

[JJ Watt @JJWatt]

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

[cole jones @colecjones]

Base Core is the best and biggest home battery, built right here in Austin. But the actual story is that we now control our own supply. For years, we couldn't build enough batteries for everyone who wanted one. With our own battery, that constraint is gone.

So far, in a supply-constrained world, we’ve saved over 30,000 members tens of millions and backed them up through 28,000 hours of outages. Now the potential for impact feels nearly unlimited. Which means the growth team needs to think much, much bigger.

This is where it gets fun. Come build the biggest, most beloved power company with us.

https://t.co/rfWaCzdrRT

[Zach Dell @ZachBDell]

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.

[Zach Dell @ZachBDell]

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.

[Base Power @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

[cole jones @colecjones]

@alexisohanian

[Base Power @basepowerco]

We’re excited to announce a new partnership with @ElPasoElectric, launching a pilot program that will use home battery systems to strengthen the electric grid during times of high demand.

This program represents a scalable model for utilities seeking to add 24/7 dispatchable, demand-side capacity to the grid on significantly shorter timelines than traditional infrastructure buildout, supporting El Paso Electric in addressing local capacity constraints while improving customer resiliency.

[cole jones @colecjones]

A battery on every home.

[Casey Handmer @CJHandmer]

It's been a long time since I posted a single piece with all my predictions on energy, so I made an update.

https://t.co/2hDLQOEcPc

Here's some free alpha for you all.

[Patrick OShaughnessy @patrick_oshag]

Casey feels like a modern Vaclav Smil. Love reading his writing about energy.

Also makes me wish I owned more of @basepowerco !

[cole jones @colecjones]

@ZachBDell @gabewoot 🤝

[cole jones @colecjones]

@frankjguzzone Epic. Will trade you @basepowerco carhartt for the brown workwear jacket

[Justin Lopas @JLopas]

Come to Austin, TX to define your career and change the world

[JP Reilly @fatjapes]

Gradually, then suddenly -- Grateful for the shoutout from @Jason and the besties at @theallinpod on the work @ZachBDell & @basepowerco are doing

To my fellow 🇺🇸: we're working non-stop at Base pace to solve this. We work hard not just because we want to, but because we have to

[cole jones @colecjones]

You don’t want to compete with a team having fun.

The best will win through creative: speed, taste, and craft compounding.

Know your audience, clarify your message, make it beautiful, and have fun doing it.

[Willem @vanlancker]

https://t.co/Bx2jRUhchr

[Willem @vanlancker]

https://t.co/Bx2jRUhchr

[cole jones @colecjones]

@joshcadorette @basepowerco @ZachBDell @fatjapes we're hiring on the design team :)

[Invest Like the Best @InvestLikeBest]

"Everyone's definition of good is just the best they've personally seen."

What @ZachBDell has learned from Blackstone, @JoshuaKushner, @JLopas, @colecjones + @JaredMGreene, Dana Paz, Dino and @MichaelDell (his father):

Blackstone → Discipline as a Competitive Advantage
“I saw how process orientation and analytical rigor could become a competitive advantage. The leaders of that firm had a way of encouraging teams to turn over every stone, really break businesses down to their atomic units and deeply understand the core questions that truly mattered when evaluating companies. Witnessing that level of disciplined analysis, thoroughness and clarity of thinking taught me that excellence often lies in how deeply and systematically you can think through complex business problems.”

Josh Kushner / Thrive Capital → Vision for the Future
“Josh has a remarkable ability to think clearly far into the future, recognize exceptional talent early, and see opportunities for what I'll call ‘deal making’ where others can’t. He's not penny-wise and pound-foolish. He doesn't optimize for the last dollar—he really optimizes for the next deal. He's creative, he's fair, he's extremely intelligent, and he's a lot of fun to work with. He also has totally unmatched ambition, which has been incredibly inspiring for me.”

Justin → True Ownership
“My co-founder, Justin, he's really taught me what true ownership looks like. Taking accountability end to end without excuses—he's mastered the concept of extreme ownership.”

Cole and Jared → Speed as a Strategic Weapon
“Cole and Jared, who are two of our first hires, have really taught me how speed can become a strategic weapon. Even when urgency doesn’t feel necessary, it almost always leads to better outcomes. They’ve really helped me understand this idea that speed and rapid iteration unlocks new problems that the team earns the right to solve, which moves us forward.”

Dana → Operational Excellence through Process
“Dana, one of our first hires, has really taught me the importance of process orientation in an operational context. Honestly, she brings a Blackstone-like attention to detail to day-to-day operations and has really leveled me up in a big way in this regard.”

Dino → Clarity of Thought and Communication
“Dino, our head of hardware who led Powerwall engineering at Tesla… has really brought all of us up to a new level of clarity of communication. His ability to communicate complex ideas in simple terms is truly world-class. He just has an incredible ability to drive clarity of thought and quick decision making in highly technical contexts.”

Michael Dell (his father) → Longevity, Curiosity, and Love for the Game
“One thing that has always stood out to me has been the tenure of the top leaders across the company… it’s really showed me how important it is to build a company around a mission, a vision, a strategy, and a culture that is really built for the long term. Another thing I have learned from him is deep open-mindedness and the value of rigorously challenging your own ideas. And I think finally, above all, his genuine love for the game has just shown me the immense power of intrinsic motivation. He wakes up every single day so excited to go solve the next big hard problem… he’s still running towards problems, not away from them.”

[Willem @vanlancker]

Lots of talk around American manufacturing, but few companies are actually making it a reality.

@basepowerco is setting up Base Factory 1 right across the street from their Austin HQ. 🇺🇸

[Base Power @basepowerco]

Yesterday we announced our Series C. This funding will power our next chapter: building our Austin factories, starting with Factory 1 at the former Austin American-Statesman printing press downtown.

We sat down with three of our leaders, Dino Sasaridis (Head of Hardware), Andy Ross (Head of Manufacturing), and Justin Lopas (COO & Co-Founder), to talk about what it American-made energy means for the future.

Q: Justin, Why produce your own hardware instead of using contract manufacturers like many companies and startups?
Justin: This is really part of our whole core thesis surrounding vertical integration. By virtue of designing and building the hardware ourselves, we can control costs, quality, and design intent far more effectively than outsourcing. We’re doing what’s often referred to as Final Assembly, Test, and Pack (FATP) - we aren’t mining the lithium for instance - although we may get there someday. When manufacturing your own hardware, you viscerally feel how difficult - or not difficult - it is to manufacture, and are able to iterate on design for manufacturability far more quickly. This design-build-deploy loop is highly critical to rapidly iterating on our product to make it more performant, affordable, and reliable.

Q: Dino, why open the first Base factory here in Austin Texas?
Dino: The importance of opening and ramping capacity of your factory at a location which is very near the engineers cannot be overstated. Base is headquartered in Austin, so the factory is too. For the engineers - the factory will be a home away from home. I expect the Base factory in Austin will be a proof point that high value mechanical assemblies, such as batteries, can be built in the USA, with industry-leading low costs.

Q: How will this scale? Is this a one-off or the start of something bigger?
Andy: Base Factory 1 is our pilot line where we will build the people machine along with our manufacturing machine. It is where we trial our processes, train people, and refine the design. We will be developing and refining how we run Base Factory Operations while optimizing how we build our battery systems. Once we nail it here, we’ll move towards higher levels of automation to improve our $/kWh and $/space performance for Base Factory 2. The need for resilient and affordable power is massive. This is only the beginning, and it’s incredibly exciting.