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Heron Power has announced plans to build a $100 million factory for advanced transformers in California, following a Series B funding round that raised $140 million. CEO Drew Baglino aims to support the evolving U.S. electric grid.

PRIVATEAug 13, 2026•about 4 hours ago

Amount Raised

$100 Million

Round Type

Series B

EnergyRenewable EnergySolar

Investors

Breakthrough Energy VenturesAndreessen Horowitz

Description

Heron Power, a startup led by a former Tesla executive, plans to convert a warehouse into a factory to produce advanced transformers for the U.S. electric grid. The company aims to address the power grid's critical component shortages as demand rises. CEO Drew Baglino emphasizes the importance of innovative, chip-based solutions to replace outdated technology

Company Information

Company

Heron Power

About

Heron Power, founded by former Tesla executive Drew Baglino, is developing solid-state transformers for the electric grid. The company aims to innovate a component of the electrical grid that has largely remained unchanged for over a century. Solid-state transformers offer enhanced capabilities, such as better voltage regulation and compact design, making it easier to manage power sources. Heron Power is currently looking to raise between $30 million to $50 million for a Series A round.

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Funding Insights

Based on industry data
Timeline to next round
Series B companies typically work for 15-20 months before raising new capital
Growth expectations
Series B companies are expected to scale rapidly and expand market reach
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

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