Heron Power Raises $140M Series B To Build 40-GW U.S. Manufacturing Facility For Its Solid-State Heron Link Transformer Technology

Heron Power, an energy infrastructure company, has announced the close of $140 million in Series B financing. The round was co-led by Andreessen Horowitz and Breakthrough Energy Ventures, with additional participation from existing investors including Capricorn Investment Group, Energy Impact Partners, Valor Atreides AI Fund, and Gigascale Capital.

This funding will allow Heron Power to build a 40-gigawatt, highly automated U.S. manufacturing facility dedicated to producing Heron Link, the company’s solid-state transformer technology designed for critical energy infrastructure and high-growth AI data center projects. Along with enabling large-scale manufacturing, the new capital accelerates Heron Power’s goal of improving the affordability, reliability, and responsiveness of power generation and delivery.

Heron Link is engineered to simplify how modern low-voltage DC technologies—such as solar, battery systems, and AI computing hardware—connect to medium-voltage AC grids. Traditional transformers are bulky, expensive, and slow to procure, but Heron Link replaces them with advanced power semiconductors and a modular architecture. This eliminates multiple layers of old electrical equipment typically used in data centers, solar installations, and energy storage sites. By reducing complexity and upgrading infrastructure design, Heron Link helps increase energy project efficiency, speed, reliability, and cost-effectiveness.

Drew Baglino, Founder and CEO of Heron Power, emphasized that the country needs new, more capable infrastructure to keep up with surging electricity demand and the rapid expansion of gigascale computing. He noted that much of today’s electrical equipment is outdated and unable to adapt to the needs of modern energy systems. Heron Power aims to create a future where advanced power electronics enable faster project development, a more reliable grid, and scalable, cost-effective energy delivery.

The announcement comes at a time when global investment in renewable energy, energy storage, and grid modernization reached a record $1.2 trillion in 2025. Developers and utilities are racing to meet growing electricity demand driven by electrification, data center expansion, and the replacement of aging infrastructure—more than half of U.S. grid equipment is over 30 years old.

Meanwhile, demand for traditional transformers has more than doubled since 2019, with long lead times and rising costs posing risks to economic growth and energy security. Heron Power is working to address these challenges by unlocking the full potential of solid-state transformer technology, which can be applied across the entire power system, from generation and transmission to end-use.

Erin Price-Wright, General Partner at Andreessen Horowitz, stated that Heron Power is not only developing technology essential for bringing new electricity generation online, but is also creating solutions that will modernize the aging grid and prepare it for an AI-driven future. She emphasized that Heron’s solid-state transformers represent the kind of innovation needed to move the U.S. grid into a more advanced, software-defined era—and the company is committed to manufacturing this technology domestically.

Dave Danielson, Partner at Breakthrough Energy Ventures, echoed this perspective, explaining that electricity demand is increasing at a pace the legacy grid was never designed to handle. He noted that Heron’s technology directly addresses one of the grid’s major bottlenecks, and highlighted the company’s strong technical and commercialization expertise.

Heron Power serves a growing customer base that includes major developers of utility-scale solar projects, large-scale energy storage facilities, and advanced data centers. These customers are looking for solutions that reduce deployment timelines, improve reliability over the long term, and ensure access to domestic supply chains. Through strategic partnerships with early customers, Heron has identified more than 40 gigawatts of early interest in its solid-state transformer products, indicating strong demand for next-generation energy infrastructure.

Sheldon Kimber, CEO of Intersect, explained that tomorrow’s digital energy loads require new ways to boost flexibility, improve reliability, and reduce costs. As Intersect develops some of the world’s largest data centers and co-locates them with massive new power generation, partners like Heron will be essential in connecting everything efficiently. Heron Power’s mission is to accelerate the growth of the electricity sector while keeping energy affordable and dependable. The company continues to expand its team and invites engineers, utilities, and project developers who share this vision to be part of the effort.