Latest news with #HeronPower
Bloomberg
7 days ago
- Business
- Bloomberg
Meta Turns to Nuclear Power to Run AI
Bloomberg's Caroline Hyde and Ed Ludlow discuss Meta's plans to buy nuclear power from Constellation Energy. Plus xAI is selling $5 billion in debt, the latest in a series of fundraising efforts across Elon Musk's business empire. And former Tesla executive Drew Baglino talks about his new startup Heron Power, aiming to upend the transformer industry. (Source: Bloomberg)
Bloomberg
7 days ago
- Business
- Bloomberg
Ex-Tesla Executive Signs Letter of Intent with Stargate's Crusoe
A startup founded by former Tesla Inc. executive Drew Baglino has signed letters of intent to sell technology designed to address one of the artificial intelligence boom's biggest bottlenecks: aging infrastructure and a transformer shortage. Baglino, chief executive officer and founder of Heron Power Electronics Co., said his company has inked preliminary deals with Crusoe Energy Systems, a developer behind OpenAI 's Stargate site, and Intersect Power LLC, which is developing energy plants for Alphabet Inc. 's Google.
TechCrunch
29-05-2025
- Business
- TechCrunch
Tesla alum's Heron Power closes $38M Series A to transform key grid technology
In Brief Heron Power, the electrical grid-focused startup founded by former Tesla executive Drew Baglino, announced Thursday it has raised $38 million in a Series A funding round. Heron Power is developing solid-state transformers, which promise to be more compact and responsive than the century-old analog models. Transformers are key parts of the electrical grid, stepping voltage up and down as it moves through the system. Heron focuses on so-called medium-voltage transformers, which covers a range of possible applications, from large substations behind fences to the green metal boxes found throughout residential neighborhoods. Heron Power said it's targeting initial installations in early 2027, and it's partnering with 'major energy and data center developers.' Capricorn Investment Group led the round, with participation from Breakthrough Energy Ventures, Energy Impact Partners, Gigascale Capital, Powerhouse Ventures, Valor Equity Partners, Tesla co-founder JB Straubel, and former Tesla CFO Zach Kirkhorn.
Yahoo
07-04-2025
- Automotive
- Yahoo
Former Tesla exec Drew Baglino's new startup is rethinking the electrical transformer
Former Tesla executive Drew Baglino has a new startup developing solid-state transformers for the electric grid, Axios reported. The new company, Heron Power, is raising between $30 million to $50 million for a Series A, according to the report, with Capricorn Investment Group pegged to lead the round. Baglino was a longtime employee at Tesla, starting at the company in 2006, two years before Elon Musk took over as CEO. He rose through the ranks, designing the powertrain for the first Model S and leading engineering for Tesla's battery storage products before being named senior vice president of powertrain and energy. Baglino left Tesla last April, the same time the company laid off 10% of its staff. In founding Heron Power, Baglino is tackling a part of the electrical grid that hasn't seen much innovation in over a century. Transformers have been largely unchanged in that time, and having been commoditized, the majority of them are now made overseas. Solid-state transformers are more capable than existing transformers, regulating dips in voltage that might arise from solar panels and wind turbines. They're also a lot more compact, can quickly transition from one source of power to another, and can be actively managed, boosting grid stability. Heron Power isn't the only startup hoping to shake up the transformer market. Singapore-based Amperesand is also in the process of raising a Series A after closing a $12.5 million seed round in early 2024. Like Heron, Amperesand also counts Tesla alumni among its executive ranks. Sign in to access your portfolio
