Household-Battery Startup Raises $1 Billion for Expansion (1)

Household-battery startup Base Power Inc. raised $1 billion to expand its energy-storage business and build a manufacturing plant in Texas.

The Series C funding round led by venture capital firm Addition included other existing investors such as Lightspeed Venture Partners, Andreessen Horowitz and Altimeter, the company said in a statement Wednesday. Base Power, co-founded by entrepreneur Zach Dell, will use the proceeds to boost energy-storage production.

“We’re building domestic manufacturing capacity for fixing the grid,” Chief Operating Officer Justin Lopas said. “This factory in Austin is our first, and we’re already planning for our second.”

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