Importance Score: 65 / 100 🔴
A new venture focused on revolutionizing the electric grid has emerged with the launch of Heron Power, founded by Drew Baglino, formerly a top executive at Tesla. The startup is developing advanced solid-state transformers and is currently seeking between $30 million and $50 million in a Series A funding round. Capricorn Investment Group is anticipated to spearhead this investment.
Heron Power Seeks Funding for Innovative Grid Technology
Drew Baglino: From Tesla Leadership to Grid Innovation
Mr. Baglino is a veteran of Tesla, having joined the company in 2006, prior to Elon Musk becoming CEO. During his tenure, he progressed through various roles, including designing the powertrain for the inaugural Model S and spearheading engineering efforts for Tesla’s energy storage solutions. He ultimately held the position of Senior Vice President of Powertrain and Energy.
Baglino’s departure from Tesla occurred in April of last year, coinciding with a company-wide workforce reduction of 10 percent.
Addressing Century-Old Technology
With Heron Power, Baglino is addressing a critical component of the electrical grid that has experienced limited technological advancement for over a century. Traditional transformers have remained largely static, and due to commoditization, production has predominantly shifted to international manufacturers.
Advantages of Solid-State Technology
Solid-state transformers offer several enhancements compared to conventional models, including:
- Improved voltage regulation to manage fluctuations from renewable energy sources like solar and wind power.
- More compact design, allowing for space-saving installations.
- Rapid switching capabilities between different power sources.
- Active management features to enhance overall grid stability.
Competition in the Transformer Space
Heron Power is entering a competitive landscape in the transformer industry. Amperesand, a startup based in Singapore, is also pursuing a Series A funding round after securing $12.5 million in seed funding earlier in 2024. Notably, Amperesand also includes former Tesla personnel in its leadership, indicating a growing trend of Tesla alumni driving innovation in energy infrastructure.