Yesterday, Base Power announced a <a href="https://www.nytimes.com/2025/10/08/business/dealbook/base-power-fundraise-dell.html">$1 billion series C</a>, giving the residential battery company an eye-popping $4 billion post-money valuation. Base manufactures, installs, owns, and operates residential batteries — a vertical integration strategy that CEO <a href="https://www.linkedin.com/in/zach-dell-a631a554">Zach Dell</a> says is the “magic” to beating utility-scale batteries on CapEx. The company also acts as an electricity retailer and sells generation capacity.
So how does Base’s business model work? And what will it do with its new fundraise? 
In this episode, Shayle talks to Zach about Base’s business model, the vertical integration strategy, and the challenges ahead. They cover topics like:

The customer value proposition: how customers pay for backup power and Base uses the batteries for grid services
Bases’s “gentailer” business model in ERCOT, earning revenue from monthly customer fees, retail electricity sales, and battery arbitrage
The regulated market approach, where Base sells capacity directly to utilities
Base’s vertical integration strategy: from ground-mounted designs to decoupled installation processes
Challenges like managing a fixed workforce amid fluctuating demand and the declining price volatility in ERCOT
Resources:
<a href="https://www.nytimes.com/2025/10/08/business/dealbook/base-power-fundraise-dell.html">New York Times</a>: Base Power, a Battery-Focused Power Company, Raises $1 Billion
<a href="https://www.google.com/search?client=safari&rls=en&q=Is+this+moment+for+distributed+energy+different%3F&ie=UTF-8&zx=1759970419256&no_sw_cr=1">Open Circuit</a>: Is this moment for distributed energy different?  
<a href="https://www.latitudemedia.com/news/catalyst-is-now-the-time-for-ders-to-scale/">Catalyst</a>: Is now the time for DERs to scale?  
Credits: Hosted by Shayle Kann. Produced and edited by Daniel Woldorff. Original music and engineering by Sean Marquand. Stephen Lacey is our executive editor. 
Catalyst is brought to you by Anza, a solar and energy storage development and procurement platform helping clients make optimal decisions, saving significant time, money, and reducing risk. Subscribers instantly access pricing, product, and supplier data. Learn more at ⁠<a href="http://go.anzarenewables.com/latitud">go.anzarenewables.com/latitud</a>e⁠. 
Catalyst is supported by EnergyHub. EnergyHub helps utilities build next-generation virtual power plants that unlock reliable flexibility at every level of the grid. See how EnergyHub helps unlock the power of flexibility at scale, and deliver more value through cross-DER dispatch with their leading Edge DERMS platform by visiting ⁠<a href="http://energyhub.com/">energyhub.com</a>⁠.
Catalyst is brought to you by Antenna Group, the public relations and strategic marketing agency of choice for climate and energy leaders. If you're a startup, investor, or global corporation that's looking to tell your climate story, demonstrate your impact, or accelerate your growth, Antenna Group's team of industry insiders is ready to help. Learn more at ⁠<a href="http://antennagroup.com/">antennagroup.com⁠</a>.

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