Base Power Raises $1B led by Addition, with Trust Ventures, Lightspeed, a16z, Altimeter, Elad Gil

At just 2 years old, Base Power has become one of the fastest-growing distributed energy companies in the U.S. Founded by Zach Dell and Justin Lopas, the company just announced a $1 billion Series C led by Addition. All other major investors are re-investing, including Trust Ventures, Valor Equity Partners, Thrive, Lightspeed, a16z, Altimeter, Stepstone, Elad Gil, 137Ventures, Terrain, and Waybury. New major investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.

Zach breaks down:
• How Base Power is reinventing America’s energy grid with distributed batteries.
• Scaling from $200M Series B to $1B Series C in less than 6 months.
• Building Base Factory One in Austin and plans for more domestic manufacturing.
• Why AI and data centers make energy the new bottleneck for innovation.
• The culture, team, & investors powering one of America’s most ambitious startups.

5 Key Takeaways
1. Strategic Investor Network – Beyond top venture firms, Base Power’s backers include Lennar (homebuilding), Starwood (real estate), and university endowments like WashU. These strategic investors bring distribution channels, deployment partnerships, and institutional credibility
2. Hypergrowth Trajectory – The company grew 30% month-over-month, has thousands on its waitlist, and is already doing millions in monthly revenue.
3. Domestic Manufacturing – Base is building its first factory in downtown Austin, repurposing the old Austin American-Statesman printing press, with plans for a second plant already underway.
4. Grid Bottleneck & AI – Energy is now the key constraint for AI/data centers. Base’s distributed battery model offers faster, cheaper deployment than traditional interconnection queue.
5. Culture as Differentiator – Base Power embodies a “chop wood, carry water” culture, with IC-driven leadership, top-tier engineering hires from Tesla, SpaceX, Anduril, and a flat, hands-on team structure.

1. Zach Dell:   / zach-dell-a631a554  
2. Molly O’Shea: ⁠https://x.com/MollySOShea⁠
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(00:00) Factory Tour in Austin
(01:21) $1 Billion Series C Led by Addition
(02:15) Why the Raise Came So Quickly After the $200M Series B
(02:52) Growth Metrics: 30% MoM, Thousands on Waitlist
(03:36) Cap Table Breakdown: Addition, Thrive, Valor, a16z, Lightspeed, Ribbit, CapitalG & more
(05:00) Strategic Investors: Lennar, Starwood, Endowments
(06:30) Investor Involvement: Valor & Addition Hands-On Support
(08:18) Base Power’s “Blue Collar” Culture: Chop Wood, Carry Water
(11:31) Founding Story: From Blackstone & Thrive to Anduril → Base Power
(14:00) Recruiting Tesla, SpaceX, Anduril Veterans to Build the Team
(16:45) Operational North Stars: Fastest Battery Deployment at Lowest Cost
(17:30) Building the First Beloved Brand in Energy
(19:00) Attracting Talent to Austin & Base’s Unique Culture
(22:30) Energy as the Bottleneck for AI & Data Centers
(25:00) Speed to Power: Deploying 100MW+ per Month
(27:15) Texas ADER Qualification & National Expansion Plans
(30:30) Leadership Lessons: Hiring, Focus & Ruthless Prioritization
(34:30) What’s Next: Factory One, New Products, Gigawatt Race