Venture investors are discussing ploughing as much as $1 billion into Texas-based energy startup Base Power at a $4 billion valuation, or about four times its valuation in April, according to a person with knowledge of the investment talks.

The startup, co-founded in 2023 by Zach Dell, a former Thrive Capital investor and son of PC mogul Michael Dell, generates revenue by managing a fleet of home backup batteries and selling their excess power back to the grid. The company’s revenue has jumped in recent months as it has made deals with large housing developers, which attach the batteries to houses to supply backup power and lower energy costs. The startup wants to use the new capital to produce its own batteries, expand beyond Texas and sell to other types of buyers, like data centers.