Heron Power

Emerging

Raised $140M Series B (Feb 2026) led by a16z American Dynamism and Breakthrough Energy Ventures. Founded by ex-Tesla SVP Drew Baglino. Factory targeting 40 GW annual capacity.

Solid-State Transformers
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Updated April 2026

Company Overview

About Heron Power

Heron Power develops solid-state transformers (SSTs) — a semiconductor-based replacement for the century-old copper-and-iron transformers that form the backbone of the electrical grid. The company raised $140 million in Series B financing in February 2026, led by Andreessen Horowitz's American Dynamism fund and Breakthrough Energy Ventures. Heron was founded by Drew Baglino, former Senior Vice President at Tesla who led Tesla's energy storage products including Megapack, and is targeting a manufacturing facility capable of 40 gigawatts of annual SST production capacity.

Business Model & Competitive Advantage

Traditional grid transformers were invented in the 1880s and have changed little since: they are large, heavy, slow to manufacture, contain flammable oil, and take years to replace when they fail. Solid-state transformers replace the magnetic core with power electronics — enabling smaller size, faster response, bidirectional power flow, and the ability to interface natively with solar, batteries, and EV chargers at the grid edge. The increasing penetration of distributed energy resources has made traditional transformers a bottleneck for the energy transition.

Competitive Landscape 2025–2026

The 2026 timing aligns with transformer shortages reaching crisis levels: US transmission transformer lead times have extended to 2-4 years due to supply chain constraints, creating urgency for domestic alternatives. Heron's SST technology promises to eliminate this shortage bottleneck while simultaneously upgrading grid capabilities for the electrification era.

Revenue
$140M
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Key Differentiators

Emerging Innovator

Heron Power is an emerging player bringing innovative solutions to the Climate Tech market.

Growth Stage

Heron Power has achieved $140M in revenue, demonstrating strong product-market fit.

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