Michael Dell’s son builds $13bn battery startup with 23,000 installations
Zach Dell, son of Michael Dell, has co-founded Base Power, a battery storage startup that has reached a $13 billion valuation. The company installs residential batteries to provide backup power and grid support, currently operating in Texas and the Chicago area.
Why it matters
The rapid growth of residential battery storage represents a significant shift in how power grids manage peak demand and reliability.
His father helped put a computer in millions of homes. Now, Zach Dell wants to put a battery in them. The son of Dell Technologies CEO Michael Dell, has co-founded a startup hoped to become America's next big power company. Base Power is racing to build and install tens of thousands of batteries in residential backyards and become one of the country's largest developers of battery storage. The three-year-old company just locked down a $1 billion funding round that brings its valuation to $13 billion and has raised more than $2.5 billion in all.The funding round was led by Ribbit Capital, Addition, Valor Equity Partners and JPMorganChase’s Strategic Investment Group, which is part of the firm’s Security and Resiliency Initiative. Interestingly, Dell's own father is not a backer.Base has installed more than 23,000 batteries across Texas and the Chicago area, a market it entered earlier this year.
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