(Bloomberg) —
Household-battery startup Base Power Inc. raised $200 million in Series B funding as the Texas-based firm gears up to expand on a national scale.
Participants in the latest fundraising round include Lee Fixel’s Addition LP, Andreessen Horowitz and Lightspeed Venture Partners, Base Co-Founder Zach Dell said in an interview.
Also participating in the Series B round are some of Base Power’s initial investors — Josh Kushner’s Thrive Capital, Valor Equity Partners, Altimeter, Terrain, Trust and others.
The company’s expansion plans include building its first factory in Texas “to meet growing demand while ensuring greater resilience, cost efficiency, and control as the company scales,” a spokesperson wrote in an email.
Base installs residential backup power systems at a fraction of the cost of traditional natural gas- or propane-fueled generators. The company has been recruiting engineers and other specialists from the likes of Tesla Inc., SpaceX and Anduril Industries Inc., including recent hire Andrew Ross, the former director of battery manufacturing at Tesla.
Under Dell’s unique business model, the batteries are charged when local electricity prices are low. But during high-demand periods, such as heat waves or cold snaps, Base can tap a portion of those stored electrons to capture price differentials while ensuring each homeowner retains ample spare electricity to avoid power blips or blackouts.
“This funding will help us to reinforce the Texas grid and accelerate national expansion,” said Dell, 28, a former Thrive venture capitalist.
Base has been expanding in the Houston, Dallas and Austin metro areas and has plans to broaden out nationally, said Dell, the son of personal-computer billionaire Michael Dell.
In March, the company installed the equivalent of 10 megawatt-hours of capacity. As part of the Series B round, Fixel will join Base’s board and serve alongside longtime investor Antonio Gracias of Valor, among others.
(Updates with plan for new factory in fourth paragraph.)
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