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Base Power Secures $1 Billion in Series C to Transform Home Energy Storage

In a bold step toward redefining the home energy storage market, Base Power has rapidly built one of the largest battery storage systems in Texas, and now it is poised for even greater expansion. The Austin-based startup, which secured $200 million just earlier this year, has recently closed a $1 billion Series C funding round. Led by Addition and supported by CapitalG, Elad Gil, Lightspeed, Ribbit, Thrive Capital, and Valor Equity Partners, this infusion of capital values the company at $3 billion pre-money, according to the New York Times.

Rapid Growth in a Competitive Market

Founded only in 2023, Base Power has already deployed over 100 megawatt-hours of home storage capacity in Texas. The company’s leasing model dramatically lowers the high upfront costs typically associated with battery installations. Homeowners can now access either a 25 kilowatt-hour or a 50 kilowatt-hour battery—both options providing significantly more capacity than offerings such as a single Tesla Powerwall. These robust systems are capable of powering a home for up to 48 hours, ensuring both reliability and energy independence.

Innovative Business Model and Market Strategy

Base Power’s strategy capitalizes on Texas’s deregulated utility market, which affords households the flexibility to switch energy providers with ease. By agreeing to a modest upfront installation fee—ranging from $695 to $995—and a monthly charge of $19 to $29, customers enter a three-year contract where they purchase electricity directly from Base Power at competitive rates. This arrangement not only makes advanced home energy storage accessible but also leverages grid services to earn additional revenue. When the batteries are not used for backup, Base Power sells the stored energy back to the grid, thereby maximizing returns in a market that rewards quick, large-scale responses during peak demand periods.

Scaling Up and Future Prospects

Looking ahead, Base Power is set to expand beyond Texas and further bolster its manufacturing capabilities with plans to construct a second battery factory in the United States. The initial plant near Austin is already setting benchmarks in quality and capacity, underpinning a scalable approach that could redefine energy storage markets nationwide.

With its innovative leasing model, strategic engagement in deregulated markets, and strong investor backing, Base Power is well-positioned to lead the evolution of sustainable home energy systems. As the demand for resilient, independent power solutions grows, Base Power’s trajectory offers a compelling case study in combining environmental stewardship with robust business growth.

Cyprus Banks Urged To Focus On Long-Term Resilience As Profits Remain Strong

The Cypriot banking sector remains in a strong position, supported by solid capital buffers and overall financial stability, according to speakers at the annual general meeting of the Association of Cyprus Banks. At the same time, government officials and regulators stressed that maintaining this position will require continued discipline and long-term planning.

A Strong Sector, But Not A Complacent One

Finance Minister Makis Keravnos used the meeting to highlight concerns over draft laws recently passed by parliament, which, according to the Ministry of Finance, the Central Bank and the Legal Service, may contain constitutional, legal and institutional issues. Those concerns, he noted, led to presidential referrals and remittals to the Supreme Court.

Keravnos also said the European Central Bank had been consulted on proposed measures concerning the suspension of foreclosures and the restructuring of loans and guarantees, adding that the ECB had expressed its own concerns.

Profitability Should Reflect Real Economy Lending

While acknowledging that the banking sector remains highly profitable, Keravnos said earnings are expected to reach around €1 billion in 2025, lower than in 2024 as interest-rate conditions gradually normalize.

He said he would prefer bank profitability to rely more on lending to businesses operating in productive sectors and less on the widening of European Central Bank interest-rate spreads.

According to the minister, Cyprus’ return to investment-grade status after 11 years has strengthened the country’s appeal to foreign investors, technology companies and startups. He said this should encourage banks to offer financing that better supports businesses while improving the diversification of their loan portfolios.

The Central Bank’s Warning: Strength Today Is Not A Guarantee Tomorrow

Central Bank Governor Christodoulos Patsalides also warned against complacency, saying the sector’s current strength should not be taken for granted.

“The Cypriot banking sector is strong today. But strength that truly matters is not exhausted by a capital ratio, a profit line or a favorable cycle,” he said.

Patsalides added that lasting resilience depends on institutions remaining strong as conditions change, risks become more complex, and competition evolves. In his view, that requires sufficient capital buffers, adaptable infrastructure and management teams prepared for changing market conditions.

Long-Term Resilience Over Short-Term Gains

Patsalides also stressed that banks should focus on long-term resilience rather than short-term performance. Decisions on dividend policy, capital allocation and the use of resources, he said, should take into account continued investment in technology, operational resilience, human capital and long-term adaptability.

He added that banks able to remain competitive over time will be those that invest early in strengthening their capacity to adapt and respond to future challenges.

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