Base Power raises $1bn Series D as Core battery enters production
The financing values the home-battery company at $13 billion after the investment.
Backers include Ribbit, Addition, Valor Equity Partners, JPMorganChase Strategic Investment Group, Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, Energy Impact Partners, Thrive Capital, Andreessen Horowitz, Lightspeed, Trust Ventures and CapitalG.
The company builds and deploys home batteries for backup electricity and grid support.
Expansion plans
Base Power launched its Core battery alongside the round, with manufacturing under way at its Austin factory. The company reported a deployed battery fleet exceeding 500 MWh and planned to use the capital for more installations, national expansion and hiring.
Use of funds
Deploy Base Core in more homes
Expand nationally and hire staff