Virtual power plant (VPP) company Base Power announced it has raised $1 billion in Series D financing and will now get involved in residential battery manufacturing. The home energy storage system, Base Core, will be produced in Austin, Texas.
Base Core is a 39.2-kWh lithium-iron phosphate (LFP) battery system with a 12-year lifetime. It has UL 1973 and UL 9540 certifications.
“We brought together the best hardware and software engineers in the world to build Core — a battery designed to protect American homes while supporting the grid,” said Zach Dell, CEO and co-founder of Base Power. “It installs in under an hour, switches over seamlessly, is built to handle extreme weather and delivers extended outage protection at a price Americans can afford.”
Base Power currently operates a battery fleet of over 500 MWh in Texas and Illinois through VPP contracts. The company says that it is already producing thousands of Base Core units a month in Austin and will first focus on selling them in Texas and Illinois.
The company has raised over $2.5 billion capital to date. This new capital will go toward bringing Base Core to more homes, expanding nationally and hiring talent.