BREAKING: Base Power Raises $1 Billion Series C Led by Addition
Zach Dell, CEO | $200M Series B → $1B Series C in <6 months
The Race to Gigawatts Is On.
In one of the largest private energy financings of the year, Zach Dell, Co-Founder & CEO of Base Power, joins Sourcery to discuss Base Power’s $1 Billion Series C, their strategic funding, rapid growth, & the world-class talent needed to seize the gigawatt-scale opportunity.
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All major backers, Trust Ventures, Thrive, Valor Equity Partners, a16z, Lightspeed, Altimeter, Stepstone, Elad Gil, 137 Ventures, Terrain, Waybury reinvested. Alongside new investors Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, & 1789
In this interview, CEO Zach Dell explains:
$200M Series B to $1B Series C in <6 months
The company’s 30% month-over-month growth and thousands-strong waitlist
Why Base is building Factory One in Austin to reindustrialize U.S. energy manufacturing
How distributed batteries can solve the AI + data center energy bottleneck
The culture and team — veterans from Tesla, SpaceX, Anduril — driving execution at scale
Base Power is building the modern power company for the electric era, unlocking affordable, reliable energy for homeowners, utilities, and America’s grid.
Timestamps
(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
Revisit → BREAKING: Base Power’s $200M Series B (April, 2025)
Co-Led by Lee Fixel of Addition, A16Z, Lightspeed, & Valor Equity Partners
The Next Multi-Generational Power Company
Fresh off the press with a $200M Series B funding announcement, we’re SO excited to share our conversation with Zach Dell and Justin Lopas, co-founders of Base Power. This brings their total funding to over $268M. Zach & Justin share their ambitious vision for revolutionizing the energy industry, how they’re vertically integrating Base, and how they’re aiming to become “the SpaceX of energy.”
Base’s $200M Series B was co-led by Addition, Andreessen Horowitz, Lightspeed and Valor Equity Partners with participation from existing investors Thrive Capital, Altimeter, Terrain, Trust and others. As part of the fundraise, Addition founder Lee Fixel will join Base Power’s board alongside Antonio Gracias of Valor Equity Partners.
→ Listen on X, Spotify, YouTube, Apple
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