Base Power Discusses $1 Billion Funding Round at $12 Billion Valuation

Austin-based Base Power is in talks to raise around $1 billion at a $12 billion valuation, four sources familiar with the matter told Forbes. Ribbit Capital is in talks to lead the round, one of the sources said. Base Power and Ribbit Capital did not respond to Forbes’ request for comment.

The Information first reported on the fundraise. Founded in 2023 by Zach Dell and Justin Lopas, Base Power installs and maintains large-capacity home batteries that provide backup power when the main grid goes down. It also sells electricity at lower prices to residents in Texas and part of Illinois.

Power charges its fleet of home batteries from the grid during low-price periods and sells excess power back during peak demand. Customers pay $695 for installation and a $19 monthly subscription fee for one or two battery packs offering 25 or 50 kilowatt-hours of storage.

Homeowners face grid reliability issues linked to severe weather and aging infrastructure. Backup generators can cost up to $15,000, while Base Power’s 10,000 customers receive the batteries at the lower price point.

October 2025, Base Power raised $1 billion in Series C funding from Andreessen Horowitz, Lightspeed Venture Partners and Thrive Capital at a $4 billion valuation. Zach Dell previously worked as a private equity analyst at Blackstone and later joined Thrive Capital as an investor.

Justin Lopas previously served as a lead engineer at SpaceX. Zach Dell stated the company’s goal is to address energy supply constraints through distributed systems. He said Base Power aims to become the world’s largest energy retailer while expanding beyond the Texas market.