Texas energy startup closes $200M round to fund first factory in the state

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Base Power, founded by Justin Lopas and Zach Dell, closed a $200 million series B and plans to expand in Texas and around the country. Photo courtesy Base Power.

Base Power, an Austin-based startup that provides battery-powered home energy services and just entered the Houston market, has raised $200 million in series B funding.

The money will help finance the construction of Base Power’s first factory in Texas. A site for the factory hasn’t been announced. The cash will also go toward the national expansion of Base Power’s services.

Andreessen Horowitz, Lightspeed Venture Partners and Valor Equity Partners co-led the round, with participation from existing investors such as Thrive Capital, Altimeter, Terrain, and Trust.

As part of the fundraising, Lee Fixel of Addition and Antonio Gracias of Valor Equity Partners are joining Base Power’s board of directors.

Last year, the startup landed $68 million in a series A funding round.

Base Power, founded in 2023, specializes in developing battery storage for energy that it provides to residential customers. Its partners include homebuilder Lennar and the Bandera Electric Cooperative, which supplies power to customers in seven Hill Country counties. Earlier this year it began serving the Houston-area territory serviced by CenterPoint Energy.

“Our rapid expansion has allowed us to power up thousands of Texans in just a few months, while driving their energy costs down and power reliability up,” Zach Dell, co-founder and CEO of Base Power, says in a news release. “With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally.”

Dell’s father is Austin tech billionaire Michael Dell. He founded the company with Justin Lopas.

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Justin Lopas and Zach Dell founded Base Power in 2023 and are now expanding the company's electricity and backup battery offerings to Houston. Photo courtesy Base Power.

Austin energy startup expands to Houston, offering electricity with backup batteries

power move

An Austin startup that sells electricity and couples it with backup power has entered the Houston market.

Base Power, which claims to be the first and only electricity provider to offer a backup battery, now serves the Houston-area territory served by Houston-based CenterPoint Energy. No solar equipment is required for Base Power’s backup batteries.

The company is initially serving customers in the Cy-Fair, Spring, Cinco Ranch and Mission Bend communities, and will expand to other Houston-area places in the future.

Base Power already serves customers in the Austin and Dallas-Fort Worth markets.

The company says it provides “a cost-effective alternative to generators and solar-battery systems in an increasingly unreliable power grid.”

“Houston represents one of the largest home backup markets in the world, largely due to dramatic weather events that strain the power grid,” says Base Power co-founder and CEO Zach Dell, son of Austin tech billionaire Michael Dell. “We’re eager to provide an accessible energy service that delivers affordable, reliable power to Houston homeowners.”

After paying a $495 or $995 fee that covers installation and permitting, and a $16- or $29-per-month membership fee, Base Power customers gain access to a backup battery and competitive energy rates, the company says. The startup is waiving the $495 setup fee for the first 500 Houston-area homeowners who sign up and make a refundable deposit.

With the Base Power backup package, electricity costs 14.3 cents per kilowatt-hour, which includes Base Power’s 8.5 cents per kilowatt-hour charge and rates charged by CenterPoint. The average electric customer in Houston pays 13 cents per kilowatt-hour, according to EnergySage.

“Base Power is built to solve a problem that so many Texans face: consistent power,” says Justin Lopas, co-founder and chief operating officer of Base Power and a former SpaceX engineer. “Houstonians can now redefine how they power their homes, while also improving the existing power grid.”

Founded in 2023, Base Power has attracted funding from investors such as Thrive Capital, Valor Equity Partners, Altimeter Capital, Trust Ventures, and Terrain. Zach Dell was previously an associate on the investment team at Thrive Capital.

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OTC names 4 Houston professionals as 2025 emerging leaders

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Four Houston professionals have been named to the Offshore Technology Conference's 2025 Emerging Leaders class.

The group of 10 represents individuals with less than 10 years of experience who have "demonstrated exceptional talent, commitment, and promise as future leaders in the offshore energy sector," according to a release from OTC. They were recognized at the annual conference, which was held May 5-8 at NRG Center.

Each year, Emerging Leaders are selected by the previous year’s group and are members of an OTC sponsoring, endorsing or supporting organization. While a number hail from the Houston area, this year's group is comprised of energy professionals from all over the world.

“This year’s leaders have a clear passion for the industry, are eager to play a role in its future, and serve as inspiration to others through their exemplary commitment to excellence and pursuit of new horizons.” Alex Martinez, chair of the OTC Board, said in a news release.

The 2025 Houston-area Emerging Leaders include:

Ellen Reat Wersan, an exploration geoscientist at Chevron
Brooke Polk, vice president-accreditation operations at the International Association of Drilling Contractors
Zheng Fan, assistant professor in the mechanical engineering technology department at the University of Houston
Scott Pisarik, lead materials and corrosion engineer at Chevron

Other recipients included:

Yingda Lu, assistant professor in the petroleum and geosystems engineering department at The University of Texas at Austin
Olusola Komolafe, project engineer at Geosyntec Consultants Inc.
Gabriel Correa Perocco, project manager at MODEC do Brasil
Sridhar Krishnamoorthy, senior research fellow and PhD research scholar at the Indian Institute of Technology Madras Chennai India
Daniel Toerner, technical sales engineer at Bardex Corp.
Olawale Ajayi, reservoir engineer at NNPC Limited

OTC concluded last week and brought together energy professionals, policymakers and scholars from more than 100 countries while showcasing more than 1,000 companies. Sessions featured prominent energy execs, including Oxy president and CEO Vicki Hollub from Houston and Brazil-based Petrobras' president Magda Chambriard. According to OTC, the event has generated $1.6 billion in income for Houston’s economy since 2010.

"From the latest technology to generation-changing policy discussions, this year’s success reflects the industry’s commitment to shaping the future of energy, advancing innovations and fostering global collaboration," Martinez added in a statement.

OTC 2026 will take place May 4-7, 2026, at NRG Center in Houston.

Large-scale battery storage project slated for Houston and more energy news to know

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Editor's note: The top energy transition news for the first half of May 2025 includes two global energy projects with Houston ties. Plus, we look at Houston's new Climate Justice Plan. Get the details on EnergyCapitalHTX's most-read stories below.

1. China-based company to launch its largest U.S. energy storage project in Houston

China-based Trina Storage is starting its U.S. expansion in Houston. Photo via trinasolar.com

Trina Storage and FlexGen, a North Carolina-based company that develops integrated energy storage systems, are bringing a 371-megawatt battery energy storage system to Houston. The project will be the largest grid-scale deployment project in North America by Trina Storage, which is a business unit of China-based Trina Solar.

"This project is a testament to Trina Storage's ability to provide a fully bankable, integrated energy storage solution that meets the evolving needs of the market," Terry Chen, vice president of Trina Storage North America, said.

"As our first grid-scale deployment in North America, this achievement reflects the industry's confidence in our technology and our commitment to de-risking energy storage investments and supporting the energy transition in the region." Continue reading.

2. Houston climatech company signs on to massive carbon capture project in Malaysia

HYCO1 has signed an agreement to convert 1 million tons per year of raw CO2 into industrial-grade syngas at a new carbon capture project in Malaysia. Photo via Getty Images.

Houston-based CO2 utilization company HYCO1 has signed a memorandum of understanding with Malaysia LNG Sdn. Bhd., a subsidiary of Petronas, for a carbon capture project in Malaysia, which includes potential utilization and conversion of 1 million tons of carbon dioxide per year.

The project will be located in Bintulu in Sarawak, Malaysia, where Malaysia LNG is based, according to a news release. Malaysia LNG will supply HYCO1 with an initial 1 million tons per year of raw CO2 for 20 years starting no later than 2030. The CCU plant is expected to be completed by 2029.

"This is very exciting for all stakeholders, including HYCO1, MLNG, and Petronas, and will benefit all Malaysians," HYCO1 CEO Gregory Carr said. "We approached Petronas and MLNG in the hopes of helping them solve their decarbonization needs, and we feel honored to collaborate with MLNG to meet their Net Zero Carbon Emissions by 2050.” Continue reading.

3. Oxy opens energy-focused innovation center in Midtown Houston

The Oxy Innovation Center is now open at the Ion in Houston, and a new coworking space launches this week. Photo courtesy of the Ion

Houston-based Occidental officially opened its new Oxy Innovation Center with a ribbon cutting at the Ion last month.

The opening reflects Oxy and the Ion's "shared commitment to advancing technology and accelerating a lower-carbon future," according to an announcement from the Ion.

Oxy, which was named a corporate partner of the Ion in 2023, now has nearly 6,500 square feet on the fourth floor of the Ion. Continue reading.

4. Harris County looks to future with new Climate Justice Plan

Harris County commissioners approved a plan that seeks to address issues of ecology, infrastructure, economy, community and culture. Photo via Getty Images.

Harris County commissioners approved a five-point Climate Justice Plan last month with a 3-1 vote by Harris County commissioners. The plan was created by the Office of County Administration’s Office of Sustainability and the nonprofit Coalition for Environment, Equity and Resilience.

“Climate action planning that centers on justice has the potential to spark innovative thinking and transformative actions that will lead to meaningful and just transitions in communities, policies, funding mechanisms, and implementation strategies,” the 59-page report reads.

The plan seeks to address issues relating to ecology, infrastructure, economy, community and culture. Continue reading.

5. Houston company completes orphan well decommission project in the Gulf

Promethean Energy had completed a significant decommissioning project in the Matagorda Island area. Photo via Getty Images.

Houston-based Promethean Energy announced this month that it has successfully decommissioned offshore orphaned wells in the Matagorda Island lease area.

Around this time last year, the company shared that it would work on the temporary abandonment of nine orphan wells on behalf of the Department of Interior's Bureau of Safety and Environmental Enforcement, or BSEE, in the area. Promethean is known for decommissioning mature assets in a cost-effective and environmentally sustainable manner.

“Our team is incredibly proud to have completed this critical work efficiently, safely, and ahead of budget,” Steve Louis, SVP of decommissioning at Promethean Energy, said. “By integrating our expertise, technologies and strategic partnerships, we have demonstrated that decommissioning can be both cost-effective and environmentally responsible.” Continue reading.

Engie signs deal to supply wind power for Texas data center

wind deal

Houston-based Engie North America, which specializes in generating low-carbon power, has sealed a preliminary deal to supply wind power to a Cipher Mining data center in Texas.

Under the tentative agreement, Cipher could buy as much as 300 megawatts of clean energy from one of Engie’s wind projects. The financial terms of the deal weren’t disclosed.

Cipher Mining develops and operates large data centers for cryptocurrency mining and high-performance computing.

In November, New York City-based Cipher said it bought a 250-acre site in West Texas for a data center with up to 100 megawatts of capacity. Cipher paid $4.1 million for the property.

“By pairing the data center with renewable energy, this strategic collaboration supports the use of surplus energy during periods of excess generation, while enhancing grid stability and reliability,” Engie said in a news release about the Cipher agreement.

The Engie-Cipher deal comes amid the need for more power in Texas due to several factors. The U.S. Energy Information Administration reported in October that data centers and cryptocurrency mining are driving up demand for power in the Lone Star State. Population growth is also putting pressure on the state’s energy supply.

Last year, Engie added 4.2 gigawatts of renewable energy capacity worldwide, bringing the total capacity to 46 gigawatts as of December 31. Also last year, Engie signed a new contract with Meta (Facebook's owner) and expanded its partnership with Google in the U.S. and Belgium.

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