Base Power announced it has raised $1 billion in new funding to expand its residential battery network, currently located across Texas, into more regions in the US and even internationally.
The company, founded in 2023, raised a Series C funding round, which saw it valued at around $3 billion, according to reporting from The New York Times. The investment round was led by Addition, a venture firm in New York, while existing and new backers included CapitalG, Lowercarbon, Andreessen Horowitz, and Valor Equity Partners.
The financial backing serves to boost the rollout of the distributed energy platform, which is built from individual homes and operates in a virtual power plant-controlled manner.
Base Power leases residential batteries at below-market cost, requiring homeowners to pay between $695 and $995 upfront to install a 25 kWh or 50 kWh-sized battery.
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