✍️ Not Boring: Base Power Raises $1B at a $13B Valuation, Zach Dell's Bet to Build the World's Largest Energy Company
Packy McCormick's third chapter on Base Power Company covers its new $1 billion Series D at a $12B pre-money / $13B post-money valuation, co-led by Ribbit Capital, Valor Equity Partners, Addition, and JPMorganChase's Strategic Investment Group.
• The round was fully subscribed within a day and multiples oversubscribed by the weekend.
• Base is now the second most valuable energy startup in the world (behind Helion) and the most valuable one selling a product today.
• CEO Zach Dell's stated ambition: crack the list of trillion-dollar energy companies — a group currently topped by Saudi Aramco at $1.7T.
• Strategy: vertically integrated battery manufacturing and grid deployment, starting in Texas, building what McCormick calls a compounding "Capability Cannon."
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