- Heron Power raised $38 million in a Series A round led by Capricorn Investment Group.
- The company plans to begin installations of its solid-state transformers in early 2027.
Heron Power, a startup launched by former Tesla executive Drew Baglino, has secured $38 million in Series A funding to advance its work on cutting-edge solid-state transformer technology.
The company, focused on overhauling a foundational but ageing part of the electrical grid, announced the fundraise on Thursday.
Heron Power is developing solid-state transformers, an innovation designed to replace the bulky, century-old analogue transformers currently in use. These next-gen devices promise improved responsiveness, increased efficiency, and more compact form factors.
The company’s focus is on medium-voltage transformers, critical equipment for both large-scale substations and smaller, neighbourhood-level installations. These systems step the voltage up or down as electricity moves through the grid, making them essential to modern infrastructure.
Heron Power aims to begin installations in early 2027. The company has indicated that it is already working closely with “major energy and data centre developers” to bring its solid-state systems online.
The Series A round was led by Capricorn Investment Group and included participation from a number of major clean tech and energy investors. Notably, Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, and Valor Equity Partners joined the round.
Prominent individuals also backed the round, including Tesla co-founder JB Straubel and former Tesla CFO Zach Kirkhorn, signalling strong confidence from those with deep experience in energy innovation.
Heron’s advancements come at a time when the global power grid is under pressure from increasing demand, electrification, and the need for resilience.
With its solid-state transformers, the company aims to bring a much-needed upgrade to critical grid infrastructure.
Edited by Annette George
