Heron Power raises $140M to ramp production of grid-altering tech | TechCrunch

"It's a fast turnaround for the startup, which raised a $38 million Series A in May. Baglino said Heron Power didn't need the money, but after customers expressed interest in buying more than 40 gigawatts of solid-state transformers, it decided to raise again. "If our customers are leaning in, we need to lean in as well," Baglino, who is CEO of Heron Power, told TechCrunch. "We gotta go faster.""

"Solid-state transformers have been under development more than a decade, but only recently have matured to the point where they are ready to deploy in data centers and other large, energy-intensive facilities. The new technology seeks to replace old iron-core transformers, which have existed in essentially the same form for more than a century. Iron-core transformers are inexpensive and efficient, but they are bulky and generate lots of heat."

Heron Power, led by former Tesla executive Drew Baglino, raised $140 million in Series B funding to build gigawatts of solid-state transformers for data centers and the grid. The company previously raised $38 million in Series A in May and pursued the new round after customers signaled interest in buying more than 40 gigawatts. Investors include Andreessen Horowitz's American Dynamism Fund, Breakthrough Energy Ventures, Capricorn Investment Group, Energy Impact Partners, Gigascale Capital, and Valor Atreides AI Fund. Solid-state transformers are more compact, generate less heat, replace multiple pieces of equipment, and can intelligently manage power from renewables and batteries.

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