Base Power, a distributed energy storage solutions provider, has raised $1 billion in Series D financing at a post-money valuation of $13 billion and started producing Base Core, the company’s new residential battery, at its manufacturing facility in Austin, Texas.

Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group led the funding round. The Strategic Investment Group is part of JPMorganChase’s Security and Resiliency Initiative.

Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners also participated. Existing investors, including Thrive Capital, a16z, Lightspeed, Trust Ventures, and CapitalG, reinvested in the company.

According to the release, the company has raised over $2.5 billion in capital to date. This new capital will go toward bringing Base Core to more homes, expanding nationally, and recruiting employees.

“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.”

The Base Core is said to have a capacity of 39.2 kWh / 78.4 kWh. The company said that its residential battery fleet has surpassed 500 MWh, entered Illinois after initially operating in Texas, and established partnerships with utilities including El Paso Electric, Austin Energy, and CoServ, covering more than 200 MW of capacity.

In October 2025, Base Power raised $1 billion in Series C funding led by Addition. The company also raised $200 million in Series B funding in April 2025.

According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.