Heron Power, the electrical grid-focused startup founded by former Tesla executive Drew Baglino, announced Thursday it has raised $38 million in a Series A funding round.
Heron Power is developing solid-state transformers, which promise to be more compact and responsive than the century-old analog models. Transformers are key parts of the electrical grid, stepping voltage up and down as it moves through the system.
Heron focuses on so-called medium-voltage transformers, which covers a range of possible applications, from large substations behind fences to the green metal boxes found throughout residential neighborhoods.
Heron Power said it’s targeting initial installations in early 2027, and it’s partnering with “major energy and data center developers.”
Capricorn Investment Group led the round, with participation from Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, Valor Equity Partners, Tesla co-founder JB Straubel, and former Tesla CFO Zach Kirkhorn.
