Heron Power
Bottleneck owner
Solid-state transformers and integrated power electronics for data centers, solar and storage.
Heron Power develops industrial power electronics purpose-built for the 21st-century grid, centred on the Heron Link - an integrated solid-state transformer that displaces legacy transformers and power converters. Two products extend the platform: Heron Link for Data Centers, which pairs a solid-state transformer with a SuperBBU battery-backed supply for AI and hyperscale power, and Heron Link for Solar & Storage, an integrated solid-state transformer and inverter on one infinitely scalable platform. The company raised a $38M Series A led by Capricorn Investment Group and a $140M Series B in February 2026 to build a 40 GW U.S. manufacturing facility, roughly 10,000 Heron Link systems, targeting first production in the second half of 2027. Management says interest from solar, storage and data center buyers exceeds planned capacity.
Research mapping
Physical AI / Grid, Power & Thermal Infrastructure (L2) / Bottleneck owner
Evidence boundary
Original analysis and independent corroboration remain under development. Commercial scale and durable technical advantage remain under review.
What makes it defensible
A solid-state transformer designed for 40 GW of U.S. manufacturing capacity - a direct answer to the transformer shortage that is throttling grid interconnection and AI data center build-out.
Position in the stack: Equipment layer between power generation or data centers and the grid. Defensibility rests on power-electronics design plus a high-volume U.S. manufacturing process that incumbent transformer makers have not scaled.
Who buys it
Founding team
Drew Baglino — Founder and CEO — Long-time Tesla executive (SVP) before founding Heron Power to build cheaper, faster and smarter grid hardware; leads a team combining power electronics, software and high-volume manufacturing
SourceFinancing detail
- Last round
- Series B ($140M, Feb 2026)
Investors: Andreessen Horowitz (American Dynamism), Breakthrough Energy Ventures
Mapped funds and investors
Direct relationships supported by published evidence.
Reported holdings as-of
No sourced relationships mapped yet.
Disclosed investment history
No sourced relationships mapped yet.
Showing up to four relationships in each group. ETF weights describe the fund’s portfolio, not ownership of this company. Private investment history does not establish current ownership.
Evidence & media
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Heron Power — built for the grid ahead
What this source supports: Builds solid-state transformers (medium-voltage power-conversion gear) for data centers and the grid; founder/CEO Drew Baglino, ex-Tesla SVP of powertrain and energy engineering.
What it does not establish: First-party — no shipped volume, named customers, or revenue.
Source -
Heron Power raises $140M to ramp production of grid-altering tech
What this source supports: $140M Series B led by a16z American Dynamism and Breakthrough Energy Ventures (Capricorn, Energy Impact Partners, Gigascale, Valor Atreides participating); customers signaled >40GW of interest; prior $38M Series A in May 2025.
What it does not establish: No valuation, disclosed customers, or booked orders.
Source -
Heron Power raises $140M to modernize electrical transformers
What this source supports: Northern California startup to build a factory for 40GW/yr of medium-voltage power-conversion gear, addressing the grid/data-center transformer shortage.
What it does not establish: Factory site undisclosed — no production timeline or customer commitments.
Source -
Heron Power Secures $60 Million Credit Facility and Adds Ex-Tesla CFO Zach Kirkhorn to Its Board
What this source supports: $60M credit facility from J.P. Morgan and TriplePoint Capital; ex-Tesla CFO Zach Kirkhorn joins the board; >40 GW customer interest in Heron Link.
What it does not establish: First-party; facility is debt, not equity; customer interest not contracted orders.
Source -
Heron Power Picks Morgan Hill for a 40 GW Power Conversion Plant Backed by a $26.4 Million California Credit
What this source supports: Heron Factory One in Morgan Hill, CA: 286,000 sq ft, >$100M investment, 40 GW/yr, >600 jobs, $26.4M California Competes tax credit; production late 2027.
What it does not establish: Announced capacity/targets, not realized output.
Source
Timeline
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Customer
Vantage Data Centers reserves >1GW of Heron Link solid-state transformer capacity for 800 VDC hyperscale campuses
Source -
Facility
Selects Morgan Hill, CA for Heron Factory One - 286k sq ft, >$100M, 40 GW/yr, $26.4M California tax credit
Source -
Financing
$60M credit facility from J.P. Morgan & TriplePoint Capital; ex-Tesla CFO Zach Kirkhorn joins board
Source -
Financing
Series B ($140M, Feb 2026)
Source