Caroline Hyde

They're an amazing firm.

They've got resources across recruiting, in finance, in policy.

They're great partners for us, along with our existing investor team, as we set off on this ambitious adventure.

So you're kind of still in R&D phase right now.

Maybe just explain what Heron is and what Heron does, and then we can go from there.

Sure.

What Heron's trying to do is take really four decades of innovation in power semiconductors that have happened in parallel to like the Moore's Law improvement in transistors that are in compute and bring them to the core of the grid.

Right now, the grid is using largely mechanical devices that were invented like a century ago.

And that is still what's underpinning everything in the power distribution sector.

But at the same time, we've leveraged amazing improvements in power transistors, truly like orders of magnitude capability and cost reductions that have enabled all the innovation at the grid's edge.

Compute, consumer electronics, IT, communications.

We're bringing that to a sector that hasn't seen much change, which is the electricity sector itself.

You have made some commercial progress, basically, even if you're in R&D phase.

One of the case studies we talked about previously is with Crusoe, which is in the AI data center context.

But just in layman's terms, where would Heron fit in in the build out of a new data center?

Absolutely.

So what Heron is doing is really three things for a data center developer.

First, we're offering them an alternative supply.

Right now, they're waiting for equipment that's largely produced overseas.

potentially two or three years.