Elon Musk-owned Tesla’s former executive builds new startup

Elon Musk’s Tesla’s former executive Drew Baglino has launched a new startup, “Heron Power,” which is developing solid-state transformers for the electric grid.

According to a report, the startup is raising between $30 million and $50 million in a Series A funding round, led by Capricorn Investment Group.

For the unversed, Baglino, a longtime Tesla employee, joined the company in 2006 and held various leadership roles, including senior vice president of powertrain and energy.

Baglino left Tesla in April 2024, around the time the company laid off 10% of its staff.

The startup aims to innovate a part of the electrical grid that has seen little change in over a century. Solid-state transformers offer several advantages over traditional transformers, including improved voltage regulation, compact design, and enhanced grid stability.

Moreover, they can quickly transition between power sources and be actively managed.

Notably, Heron Power is not the only startup working on solid-state transformers. Singapore-based Amperesand is also raising a Series A funding round after securing $12.5 million in a seed round earlier this year.

It is worth mentioning that similar to Heron Power, Amperesand also has Tesla alumni in its executive ranks.