Base Power raises another $1B to save the grid using backyard batteries

Core Impact Points

• Base Power has installed over 500 megawatt-hours of storage in the past few years, with plans to double its installation rate to 200 batteries per day by the end of the year.
• The company offers its batteries on a subscription basis, charging customers $695 to install a single battery, $19 per month, and 13.1 cents per kilowatt-hour for electricity.
• Base Power's batteries can store 39.2 kilowatt-hours of electricity, significantly more than its competitors, and can provide backup power for a day or more in case of blackouts.
• The company operates in Texas and Illinois, with plans to expand to other states, and has partnered with utilities to place batteries in customers' homes to alleviate strain on the local grid.
• The funding round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase's Strategic Investment Group, with participation from several other investors, valuing the company at $13 billion post-money.
• The US electrical grid has been strained due to economy-wide electrification and the rapid pace of AI data center construction, making Base Power's backyard battery installation program a timely solution.