Base Power, a Texas-based home battery startup, has raised another $1 billion, Canary Media reports. The company had already raised $1 billion last October, and its valuation has climbed from $4 billion to $13 billion.
The new round was led by Ribbit and Addition. Base Power's stated aim is to put large batteries into more homes, expanding its residential energy storage business.
The source gives no further details on how the funds will be spent or how many installations Base Power has completed. The valuation increase suggests investors are betting on rapid growth, but the article's excerpt does not include operational metrics.