Michael Dell’s son builds $13bn battery startup with 23,000 installations
Base Power, led by Zach Dell, is revolutionizing residential energy with its advanced battery storage solutions. Having secured a staggering one billion dollars in funding, the company now boasts a valuation of thirteen billion dollars. With thousands of batteries quickly being installed, they are expanding their reach into additional states.
Zach Dell, son of Michael Dell, co-founded the battery startup Base Power with the aim of bringing battery storage to residential backyards across America. The company has raised a total of $2.5 billion in funding, bringing its valuation to $13 billion, with the latest funding round led by Ribbit Capital, Addition, Valor Equity Partners, and JPMorgan Chase’s Strategic Investment Group.
Base Power has installed over 23,000 batteries in Texas and the Chicago area, with plans to expand to more states and international markets.
The company operates on two business models: one in deregulated markets, where it owns and operates the batteries while providing lower electricity rates, and another where it partners with regulated utilities and cooperatives to help relieve grid bottlenecks and provide backup power during outages. Customers can choose to sign up for a retail electricity plan with or without a battery, and the company has been installing about 100 systems per day, with the goal of doubling that number by the end of the year.
Base Power's newest battery modules offer 39.2 kilowatt-hours of storage, providing 36 hours of backup power for most homes. The company leases space in a downtown Austin building but is currently building a factory to scale up production. The battery storage boom has driven significant growth, with the U.S. installing 3.3 gigawatts of battery storage in the first quarter alone. Home batteries have become increasingly popular, accounting for 1.3 gigawatt-hours of the total installed capacity.
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