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a16z backs Base Power in $200M round for home backup batteries
The money will fund a rapid expansion, including dozens more megawatt-hours of battery storage and plans for a domestic battery factory.
Customers have to commit to buying electricity from the company for three years at 9 cents per kilowatt-hour plus whatever delivery fees the local utility charges. Thanks to the way Texas’s power market works, the startup can be paid — handsomely in some cases — to tap the batteries it has installed to send electricity back to the grid. While Texas is home to a growing number of massive grid-scale battery facilities, they can take years to plan, permit, and built.
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