Austin-based energy company Base Power has raised $1 billion in a Series C funding round led by Addition, with continued support from existing investors including Trust Ventures, Valor Equity Partners, Throve Capital and Lightspeed. New investors joining this round include Ribbit, CapitalG and Spark.
The company aims to provide affordable electricity to homeowners and the grid through a distributed network of energy storage technologies. According to Base Power, the new funding will support the expansion of its operations and the construction of its first energy storage and power electronics factory, which will be located at the former Austin American-Statesman printing press site in downtown Austin.
The company has already deployed multiple megawatt-hours of residential battery capacity and expanded its footprint across the Austin, Dallas–Fort Worth and Greater Houston regions.
“The only way to add capacity to the grid is physically deploying hardware, and we need to make that here in the U.S., ourselves. This factory in Austin is our first, and we’re already planning for our second. We’re building the infrastructure, systems, tools, processes, supporting software and team that’s reindustrializing America and reinventing the grid,” the company’s COO said in a statement.
