Base Power Raises $1 Billion at a $3 Billion Valuation

Base Power is a modern power company that aims to provide a reliable and affordable home energy service, primarily by deploying and leasing battery storage systems to homeowners. Operating on a model that turns individual home batteries into a distributed energy storage network, the company provides whole-home backup power during outages while also stabilizing the electric grid and lowering costs by managing energy dispatch during peak demand.

Base Power has raised $1 billion in its latest funding round, bringing the company's valuation to $3 billion. The round was led by venture capital firm Addition and included investors such as Valor Equity Partners, Lightspeed, Andreessen Horowitz, Ribbit, CapitalG and Elad Gil, with participation from Thrive Capital and 1789 Capital.

Base Power, headquartered in Austin, Texas, United States, was founded in 2023 by Zachary Dell and Justin Lopas. In 2025, the company joined the unicorn club. “The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and co-founder of Base Power. “The challenge ahead requires the best engineers and operators to solve it and we’re scaling the team to make our abundant energy future a reality.”