Drew Baglino, former SVP of Powertrain and Energy at Tesla, is securing Series A funding of $30 to $50 million for his startup, Heron Power. This venture is focused on creating advanced transformers for electrical grids, particularly in light of increasing energy demands driven by AI technologies. The funding round is expected to attract interest from Capricorn Investment Group, an impact investor dedicated to sustainability. The need for innovative energy solutions is underscored by the anticipated tripling or quintupling of global electricity needs linked to the shift towards renewable energy sources.
"If he opened a taco stand there'd be significant interest. He's an A plus player." - anonymous source on former Tesla SVP Drew Baglino trying to raise funding for a new startup.
Heron is set to produce next-generation transformers for electrical grids, aimed at addressing the increasing demand for sustainable energy solutions.
The transition to sustainable electricity generation alone will require a three- to five-fold increase in global electricity generation and consumption, highlighting the importance of innovative hardware.
The funding round for Heron Power is likely to be led by Capricorn Investment Group, which focuses on sustainable and impactful energy projects.
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