This Base Power company profile covers the company's valuation, revenue, funding rounds, investors and history. Base Power works in energy, with a focus on home batteries and virtual power plants. It was founded in 2023 and is headquartered in Austin, Texas, United States. Its latest valuation on record is US$4 billion (CEO-stated; other reports about US$3 billion) (October 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Deployed capacity | More than 100 MWh of residential batteries (company-reported) | October 2025 | ESS News |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Oct 2025 | Series C | US$1B | US$4B (CEO-stated); about US$3B in other reports | Addition (lead); Andreessen Horowitz, Valor Equity Partners | ESS News |
| Apr 2025 | Series B | US$200M | Not disclosed | Not disclosed in source | ESS News |
Base Power timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2023 — Base Power is founded in Austin by Zach Dell (CEO) and Justin Lopas.
- Apr 2025 — Series B: US$200M.
- Oct 2025 — Series C: US$1B, valuing the company at US$4B (CEO-stated); about US$3B in other reports. Investors: Addition (lead); Andreessen Horowitz, Valor Equity Partners.
- October 2025 — Deployed capacity: More than 100 MWh of residential batteries (company-reported).
Investors
Overview
Base Power installs large batteries in homes and operates them as a network. Homeowners pay a modest upfront fee for a battery that provides backup power during outages, and Base owns and operates the battery, using it when it is not needed for backup to buy, store and sell electricity on the grid. By aggregating thousands of home batteries into a "virtual power plant", Base can help stabilise the grid during peak demand and earn revenue from energy markets. It also sells electricity plans to its customers, acting as a retail power provider in Texas.
Base was founded in 2023 in Austin, Texas, by Zach Dell, son of Dell Technologies founder Michael Dell, and Justin Lopas. In October 2025 it raised a US$1 billion Series C led by Addition, with returning investors including Andreessen Horowitz and Valor Equity Partners, six months after a US$200 million Series B. Reports differ on the valuation: Zach Dell said the company was valued at US$4 billion after the investment, while other outlets reported about US$3 billion, possibly a pre-money figure, according to ESS News and other coverage. We show both.
Products and services
- Home battery systems: batteries sized at about 25 kWh or 50 kWh, installed for an upfront fee of roughly US$695 to US$995, according to reports.
- Backup power: automatic whole-home or partial backup during grid outages.
- Electricity plans: retail power supply to customers in Texas.
- Virtual power plant: aggregated batteries that trade in wholesale energy markets and provide grid services.
- Manufacturing: a factory in Austin to produce battery systems.
Funding
Base raised seed and Series A funding after launching in 2023, a US$200 million Series B in April 2025, and a US$1 billion Series C in October 2025 led by Addition, with Andreessen Horowitz and Valor Equity Partners among returning investors. The Series C was one of the largest venture rounds for a climate or energy company that year. The company said it would use the money to expand beyond Texas and to scale manufacturing, including a factory at a former newspaper printing site in Austin.
Business model
Base's model differs from companies that sell batteries to homeowners outright. Because Base owns the batteries, it earns revenue over many years from multiple sources: monthly electricity plan payments from customers, arbitrage by buying power when it is cheap and selling when it is expensive, and payments for grid services such as frequency regulation and capacity during peak demand. Homeowners get backup power at a fraction of the cost of buying a battery. The model requires large amounts of capital to finance batteries, which is why Base has raised so much.
Competition
Base competes with Tesla's Powerwall and virtual power plant programmes, Sunrun, Enphase, Generac and other home battery providers; with utilities running their own programmes; and with retail electricity providers in Texas. In Europe, 1Komma5° pursues a related strategy combining hardware and energy trading. Large grid-scale storage developers, such as Form Energy, compete for the value of storage on the grid.
Base Power at a glance
Base Power is an Austin, Texas home battery and electricity company founded in 2023 by Zach Dell and Justin Lopas. It installs batteries in homes for a modest fee, provides backup power and electricity plans, and operates the batteries as a virtual power plant. It raised a US$1 billion Series C led by Addition in October 2025 at a valuation the CEO put at US$4 billion, with other reports citing about US$3 billion.
Timeline
- 2023: founded in Austin; begins installing batteries in Texas.
- April 2025: raises a US$200 million Series B.
- October 2025: raises a US$1 billion Series C; reports more than 100 MWh of residential batteries deployed.
- 2026: scales manufacturing in Austin and prepares expansion beyond Texas.
Why Texas
Texas has its own electricity grid, run by ERCOT, which is largely separate from the rest of the US. Its wholesale market has large price swings, with very high prices during heat waves or cold snaps. The February 2021 winter storm caused widespread blackouts, leaving millions without power and highlighting the value of backup. Texas also allows retail electricity competition, so companies like Base can sell power directly to customers. These conditions make Texas an ideal place for a battery business that profits from price volatility and offers backup.
How a virtual power plant works
A single home battery has little impact on the grid. Thousands of batteries controlled together can act like a power plant, delivering power when demand peaks or absorbing excess power when supply is high. Base's software decides when each battery should charge or discharge based on prices, weather forecasts and grid needs, while keeping enough charge for backup. Grid operators pay for these services, which can be cheaper and faster to deploy than building new power plants or transmission lines.
Who funds Base Power
Base's investors include Addition, which led its Series C, along with Andreessen Horowitz and Valor Equity Partners.
Valuation context
Raising US$1 billion at a multi-billion-dollar valuation within about two years of founding is unusual for an energy company. Our guides to climate tech startups and nuclear and next-generation energy startups compare Base with peers.
Risks
- Capital intensity: owning batteries requires large financing.
- Market changes: revenue depends on price volatility and market rules that could change.
- Expansion: other states have different market structures.
- Battery performance: degradation and safety must be managed over many years.
- Valuation uncertainty: reports differ on its latest valuation.
Questions for homeowners
- What upfront fee and monthly plan apply?
- How much backup power will be reserved during outages?
- Who owns and maintains the battery?
- What happens if you move home?
What to watch
Watch expansion beyond Texas, factory output, deployed capacity and how its valuation is reported in any future round.
Takeaways
Homeowners can get backup power without buying a battery outright. Founders can see how energy market design creates business opportunities. Investors should watch capital needs and market rule changes.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Base Power do?
Base Power is a energy / home batteries and virtual power plants company headquartered in Austin, Texas, United States. It was founded in 2023.
What is Base Power's valuation?
Base Power was valued at US$4 billion (CEO-stated; other reports about US$3 billion) as of October 2025, according to ESS News. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Base Power make?
Base Power is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Base Power's latest funding round?
The most recent financing we have verified is a series c in Oct 2025: US$1B, at a valuation of US$4B (CEO-stated); about US$3B in other reports. Source: ESS News.
Who are Base Power's investors?
Investors named in public announcements include Addition, Andreessen Horowitz and Valor Equity Partners.
Who founded Base Power?
Base Power was founded in 2023 by Zach Dell (CEO) and Justin Lopas.
Is Base Power a public company?
No. Base Power is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Base Power headquartered?
Base Power is headquartered in Austin, Texas, United States.