The details
The company raised its funds co-led by Addition, Andreessen Horowitz, Lightspeed Venture Partners and Valor Equity Partners in addition to participation from existing investors Thrive Capital, Altimeter, Terrain, Trust and others.
The funding will support the growth of its battery-powered home energy service including the building of the first Base Power factory in Texas, as stated in a news release.
A representative with the company said the factory is expected to be built in Travis County but an official location in the county is still being discussed.
Some background
The company was founded in 2023 by COO Justin Lopas and CEO Zach Dell. The business offers a backup power option by becoming a customer’s energy provider and, according to its founders, lowering projected energy bills monthly.
Since its founding, the company has grown rapidly through its partnership with Lennar where homeowners will have the opportunity to enroll with Base Power’s monthly electricity service and receive a complimentary backup battery.
The initiative is starting in the new home community Firefly Pointe in Hutto.
Additionally, the company has partnered with member-owned Texas cooperative Bandera Electric Cooperative to provide homeowners with affordable whole-home battery backup systems from Base Power.
What else?
The company has expanded past Austin metro areas into Dallas-Fort Worth and Houston with goals to expand nationwide.
“Base Power is committed to making energy more reliable and affordable - in the last year we've demonstrated meaningful progress on that mission,” Dell said in the news release. “Our rapid expansion has allowed us to power up thousands of Texans in just a few months, while driving their energy costs down and power reliability up. With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally.”
