News Summary
Base Power has successfully raised $1 billion in Series C funding aimed at modernizing the Texas power grid. With plans to expand into the Dallas-Fort Worth area and establish a hardware factory in Austin, the company seeks to enhance domestic manufacturing and provide stable energy solutions. Their efforts include deploying residential battery capacity and forming partnerships with local builders, solidifying their position as a key player in the state’s energy landscape. Additionally, other Texas ventures are making strides, contributing to the region’s economic growth.
Texas – Base Power has successfully raised $1 billion in Series C funding dedicated to modernizing and expanding the state’s power grid. This significant investment aims to enhance the efficiency and reliability of electricity services as the company sets its sights on expanding operations into the Dallas-Fort Worth (DFW) area.
Located near Austin, Base Power’s plans include establishing a hardware factory to facilitate the deployment of new energy solutions. This manufacturing facility will occupy space at the printing plant of the Austin American-Statesman, signifying a notable step in Base Power’s commitment to creating domestic manufacturing capacity essential for reinforcing the power grid.
As part of its growth strategy, Base Power currently provides energy services in several Texas cities, including Fort Worth, Arlington, and Plano, with intentions to extend their services into Dallas, Irving, Coppell, and North Richland Hills. The CEO and Co-founder Zach Dell highlighted that the initiative presents a unique opportunity to fundamentally redesign and improve the power system.
Base Power, which opened its doors in 2023, was co-founded by COO Justin Lopas and Zach Dell, who is known for being the son of Dell Technologies founder Michael Dell. Since its inception, the company has made substantial progress, deploying over 100 megawatt-hours (MWh) of residential battery capacity. This expansion places Base Power on a trajectory to become one of the fastest-growing distributed energy platforms in the United States.
The company’s success is fueled by strategic partnerships with prominent homebuilders, including Lennar, which enhance its reach and local infrastructure capabilities. The establishment of the new factory aims not only to bolster domestic manufacturing capacity but also to ensure that electricity infrastructure improvements can meet the ongoing demands of Texas residents.
In the broader context of Texas business news, other companies have also announced significant funding rounds aimed at various expansions and projects. Applied Digital, based in Dallas, received $112.5 million through a $5 billion equity facility with Macquarie Asset Management. The funds are earmarked for constructing a new data center, Polaris Forge 1, located in Ellendale, North Dakota.
Another emerging player in the Texas market, Yendo, a credit card company located in Dallas, revealed a $50 million Series B funding round, which includes investments from high-profile figures like Mark Cuban. This funding aims to enhance the company’s operations and service offerings.
In addition, Jet OUT, headquartered in Milwaukee, is planning to establish a regional base in the DFW area by year’s end, intending to improve aviation services for private flyers. Meanwhile, the hospitality sector is seeing growth with Mews establishing a new sales hub in Dallas to support its U.S. expansion efforts.
On the educational front, Universal Technical Institute is expanding its UTI-Dallas campus with plans to accommodate an additional 1,000 students in programs aimed at automation and wind turbine technology. This development aligns with Texas’ growing demand for skilled labor in emerging industries.
Furthermore, the Economic Growth Business Incubator (EGBI) in Austin has received a $42,000 grant from the Federal Home Loan Bank of Dallas and Texas Capital. This funding will go towards business coaching for small enterprises through the “Accelerate Your Venture” program, which emphasizes training materials and instructor support.
Lastly, Flock Safety and Homegrown have launched the Thriving Cities Fund in the DFW area, backed by a $10 million investment, designed to assist local brick-and-mortar businesses in navigating post-pandemic recovery and growth. This initiative may further stimulate economic activity and support community development in the region.
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Author: STAFF HERE COLLEGE WRITER
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