Household-Battery Startup Raises $1 Billion for Expansion
A backup battery system from Base Power in Houston.
Photographer: Brett Coomer/Houston Chronicle/Getty Images
Household-battery startup Base Power Inc. raised $1 billion to expand its energy-storage business and build a manufacturing plant in Texas.
The Series C funding round led by venture capital firm Addition included other existing investors such as Lightspeed Venture Partners, Andreessen Horowitz and Altimeter, the company said in a statement Wednesday. Base Power, co-founded by entrepreneur Zach Dell, will use the proceeds to boost energy-storage production.