đź“ť Heon Power raises $38M

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Liam Gill
May 30, 2025

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Heron Power, the startup founded by former Tesla executive Drew Baglino, has raised $38 million in a Series A round to modernize a critical yet aging piece of electrical grid infrastructure: the transformer. The company is developing solid-state transformers—a more compact, efficient, and responsive alternative to the century-old analog models that currently manage voltage flow through power grids. Heron is initially targeting medium-voltage applications, including residential and substation settings, and plans to deploy its first installations by 2027 in collaboration with large energy and data center developers. The round was led by Capricorn Investment Group, with participation from Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, Valor Equity Partners, and Tesla veterans JB Straubel and Zach Kirkhorn.

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