Choosing Base as the focus and sequencing reversals

For decades, America’s electrical system has rewarded utilities for building more infrastructure, not for lowering costs. The result is a grid that expanded but rarely improved. Zach Dell, co-founder and CEO of Base, is building a different kind of power company. In under three years, Base has grown into a vertically integrated business valued in the billions. It combines home batteries and software to store electricity when it is cheap and deliver it when demand spikes. Dell’s interest in energy began long before Base. In college, he tried to lease a Hawaiian lava field for a solar project. He also experimented with anaerobic digestion systems in India and worked at Blackstone and Thrive Capital, where he met his co-founder. His bet is simple but ambitious: the next phase of the grid will come from increasing utilization rather than constantly building new infrastructure.

In our conversation, we explore:

• How a failed college solar project and early energy experiments in India pulled Zach into the power industry
• The lessons he absorbed from his parents, including truth-seeking, reinvention, and competitive endurance
• How the U.S. grid’s regulatory structure discourages innovation and why Texas’s deregulated market creates space for new power companies
• Why batteries are best understood as a time-shifting technology that increases grid utilization and reduces total system costs, not simply as energy generators
• Base’s “make, move, store, sell” framework for thinking about the full power stack
• How Base aims to become the first beloved energy company
• How Zach identified Justin as a world-class operator and built the trust needed to go all-in together on a non-obvious idea
• How aggressive AI adoption is compressing cycle times and why slow adopters risk falling behind

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Transcript: https://www.generalist.com/p/americas-electric-power-grid-is-broken⁠

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Timestamps

(00:00) Introduction to Zach Dell and Base

(02:08) The Hawaiian lava field solar project and early energy curiosity

(07:03) Investing vs. operating

(09:31) Lessons from Phil Jackson on aligning talented teams

(14:27) Lessons from his parents

(18:20) The loneliness of solo founding and the value of co-founders

(23:45) Justin’s strengths as a co-founder and how their partnership formed

(29:55) Why Base became the obvious focus

(32:08) The original vision and the three reversals

(34:58) The US power grid and what makes Texas different

(39:19) Why batteries matter and what Base is building

(41:12) How Base works in two market types

(45:10) Base’s core product

(46:50) The software behind Base’s battery network

(48:20) Base’s partnerships with battery cell makers

(49:51) The Gen 2 hardware mistake and the lesson in risk management

(51:08) Dino’s strengths as Head of Hardware

(52:36) Base’s positioning as grid infrastructure

(53:29) Building a beloved energy brand

(58:01) How hiring at Base has evolved

(1:01:10) AI workflows at Base

(1:03:00) Zach’s dedicated deep work time

(1:05:54) Final meditations

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Follow Zach Dell

LinkedIn: https://www.linkedin.com/in/zach-dell-a631a554

X: https://x.com/ZachBDell

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Resources and episode mentions: https://www.generalist.com/p/americas-electric-power-grid-is-broken

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