Source: Bloomberg
Summary
Base Power has raised $1 billion in funding to increase production of its home batteries. The startup aims to meet growing demand for energy storage systems. The funding round was led by investors including Activate Capital and Sente Ventures. Base Power’s batteries are designed to provide backup power during outages and reduce energy bills. The company plans to use the funds to scale up manufacturing and expand its workforce.
Our Reading
The launch follows a familiar script.
Base Power’s $1 billion round is the latest example of investors betting on home energy storage. The startup’s batteries are just the latest iteration of a familiar concept. “Because what the world really needed was another smart battery to save us from ourselves.” The funding will help Base Power ramp up production, because apparently, we’re still waiting for the perfect battery. And by “perfect,” we mean one that doesn’t catch fire or cost an arm and a leg.
Author: Evan Null
