Heron Power Raises $140 Million In Series B Round Led By Andreessen Horowitz

Heron Power has raised $140 million in a Series B round to accelerate production of its solid-state transformer technology, bringing total recent funding to $178 million after a $38 million Series A in May. This funding round was led by Andreessen Horowitz’s American Dynamism Fund and Breakthrough Energy Ventures, with participation from Capricorn Investment Group, Energy Impact Partners, Gigascale Capital, and Valor Atreides AI Fund.

Summary of transaction details:

• Deal Type: Series B
• Transaction Amount: $140,000,000
• Company: Heron Power
• Founder: Drew Baglino
• Headquarters: Scotts Valley, California
• Investors: Andreessen Horowitz, Breakthrough Energy Ventures, Capricorn Investment Group, Energy Impact Partners, Gigascale Capital, Valor Atreides AI Fund

Heron Power focuses on solid-state transformer technology that aims to replace traditional iron-core systems with smaller, semiconductor-based units. The company is ramping up manufacturing to meet customer demand for over 40 gigawatts of its Heron Link systems. CEO Drew Baglino, a former Tesla powertrain and energy chief, is leading the company's efforts, with plans to build a factory capable of producing 40 gigawatts annually, starting with pilot production in 2027.