Zach Dell

Our customers, of which there are almost 1,500 today, they save about 10% to 20% a month on electricity.

When the grid goes down, their power doesn't.

So they get all the benefits of home backup without the high upfront cost for what it's worth if you don't live in Texas or not in a state where home backup is top of mind.

The options on the market today for home backup are...

incredibly expensive.

You can buy a home battery for anywhere from $15,000 to $30,000 if you want to back up your entire home, or you can buy a home generator on the order of the same price and there's maintenance that comes with that and they're loud and they smell bad.

And so what we've done is said, hey, we don't want to sell batteries.

We want to sell a service.

We want to sell affordable, reliable power.

And there's a business model innovation behind that, which we can get into that enables this value proposition for the homeowner.

The way to think about the business at the system level is a distributed battery farm.

If you think about battery storage as an asset class, 99% of the storage on the grid is utility scale storage.

So think like shipping container battery farms in a farm field somewhere doing energy trading with the grid.

This asset class has been a good asset class for the last decade.

And you've seen all the big asset managers back platforms in this space.

Blackstone owns a business called IPA Power.

BlackRock owns Jupiter Power.

Apollo owns Broadreach Power.

Tens of billions of CapEx deployed into this asset class at high rates of return.

But the asset class is really fundamentally limited for two reasons.