Keep pulling the thread on Zach and Justin.
The deployment of utility-scale battery storage is constrained by interconnection capacity, with grid connection taking five to ten years to approve.
Base Power's strategy is to develop a compounding cost advantage through vertical integration, controlling everything from battery design to installation and power sales.
Base Power announced a $200 million Series B fundraising round.
Base Power's Series B round was led by Addition, with Andreessen Horowitz and Lightspeed participating as new investors.
The co-founders of Base Power believe US electricity demand growth has significantly accelerated in the last 2-3 years and will continue to do so for the next few decades.
Base Power expects to become the fastest battery developer in the US within the next three months by doubling its current installation rate.
Major asset managers have invested heavily in utility-scale battery storage, with Blackstone owning IPA Power, BlackRock owning Jupiter Power, and Apollo owning Broadreach Power.
Base Power is iterating its hardware through three generations, moving from off-the-shelf components in Gen 1 to fully custom, in-house manufacturing in Gen 3.
A typical home battery installation takes two to six months, whereas Base Power can complete an installation in two to four weeks, or even the next day in some parts of Texas.
Base Power announced its first utility partnership with Bandera Electric in Texas.
In Texas's deregulated market, consumers can choose from over 100 retail electric providers, unlike in California where a company like PG&E is the sole option.
Base Power is currently installing 15 to 20 batteries per day.