Heron Power and NeoVolta have secured significant credit facilities, while Carina Energy has launched a FEOC compliance support practice to help developers navigate increasingly complex regulatory requirements.
Heron Power secures $60M credit facility, adds former Tesla CFO to board
US-based power electronics startup Heron Power has closed a US$60 million credit facility from J.P. Morgan and TriplePoint Capital and appointed Zach Kirkhorn, former Tesla CFO, to its board of directors.
Announced 10 September, the financing follows Heron’s US$140 million Series B round in February 2026, co-led by Andreessen Horowitz’s American Dynamism Fund and Breakthrough Energy Ventures.
Heron is converting a 286,000 square foot facility in Morgan Hill, California into its first manufacturing plant, with mass production scheduled to begin in late 2027.
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The company claimed it has identified more than 40GW of customer interest in Heron Link, its 5MW medium voltage power conversion system (PCS).
Kirkhorn, who has backed Heron since its Series A in 2025, spent 13 years at Tesla, serving as CFO through the company’s first full year of profitability and its expansion of vehicle and battery manufacturing across North America, Europe, and Asia. He has previously advised Heron on financial and operational matters.
Heron’s CEO and founder is former Tesla executive Drew Baglino, who said of the company’s announcements, “Our customers plan projects years in advance and need a dependable power conversion partner. By adding Zach to the board, we benefit from his hard-won wisdom navigating the challenging path from 1st delivered unit to profitability.”
The credit facility is intended to support Heron’s transition from engineering to scaled manufacturing as the company prepares to meet customer demand for grid-scale power conversion systems.
Heron Power’s efforts come amid renewed interest in the power electronics space, with manufacturers targeting rising demand from energy generation, storage and crucially, data centre customers. Fellow US manufacturer Power Electronics is set to open a new manufacturing plant in the coming days, and another, EPC Power, was just acquired for US$4.4 billion following its own recent manufacturing expansion.
NeoVolta secures US$20M credit facility for Georgia BESS manufacturing expansion
US-based BESS manufacturer NeoVolta has obtained a US$20 million senior credit facility from RoHo Capital Opportunity Fund, a joint venture (JV) between Horizon Technology Finance Corporation and CR Financial Holdings.
Announced 10 September, the facility can be increased to US$30 million upon mutual agreement, with the initial US$20 million funded at closing.
NeoVolta is building a 210,600-square-foot manufacturing facility in Pendergrass, Georgia in partnership with solar PV company LONGi. The facility is designed to produce BESS that meet US domestic content and supply-chain requirements and its development marks NeoVolta’s strategy of diversifying from a focus on the residential space to serve the utility-scale market.
The plant is expected to have an initial annual production capacity of up to 2GWh, with potential to scale to 8GWh over time. The credit facility will support NeoVolta’s expansion as it ramps production and pursues commercial and utility-scale projects.
RoHo Capital Opportunity Fund combines Horizon’s venture lending experience with Roth Capital Partners’ public markets relationships to provide financing to small- and micro-cap public companies.
In June, Energy-Storage.news Premium spoke with Neovolta CEO Ardes Johnson about its partnership with LONGi and Potis Edge.
Johnson said the structure the companies have settled on for the JV is 80:20% ownership split between NeoVolta and PotisEdge, while LONGi holds a 2% stake in NeoVolta Inc.
The arrangement maintains foreign entity of concern (FEOC) compliance while ensuring China-headquartered LONGi has a stake in NeoVolta’s performance. NeoVolta initially held a 60% share, with PotisEdge controlling 20% and an additional 20% owned by an undisclosed group of strategic investors providing technical and operational support. That investor group appears to have divested its position, as NeoVolta announced in April that its ownership had increased to 80%.
Carina Energy launches FEOC compliance support service for BESS developers
Renewables service provider Carina Energy has launched a FEOC compliance support practice to help energy developers navigate regulatory requirements for BESS projects.
FEOC compliance is mandatory for all BESS projects with a beginning of construction date on or after 1 January 2026. Non-compliance eliminates the entire 30% investment tax credit (ITC) base rate, not just the domestic content adder.
Material Assistance Cost Ratio (MACR) thresholds for energy storage increase annually, from 55% in 2026 to 75% in 2030 and beyond. Battery cells represent 52% of grid-scale BESS equipment cost under IRS Notice 2025-08 safe harbor guidelines, making cell origin the primary factor in MACR compliance.
As of September 2026, most BESS developers lack dedicated systems to screen original equipment manufacturers for prohibited foreign entity (PFE) exposure, calculate MACR across portfolios, or maintain documentation for tax equity diligence and the Office of Budget and Business Analysis’s 10-year ITC recapture window.
Carina’s service includes an OEM FEOC screening tool with cell provenance and ownership tracing, a MACR calculator using IRS safe harbour methodology, supplier certification templates, contract language for effective control provisions, beginning of construction strategy documentation, and a retention system for compliance records.
The screening framework is designed to accommodate emerging procurement compliance requirements, including the FCC Covered List and Executive Order 14420.
The practice team includes a legal researcher focused on FEOC regulatory monitoring and a content specialist with Department of Energy (DOE)-funded research experience in battery supply chain tracing. Carina also publishes a free FEOC Compliance Guide, which is updated regularly.
Carina is also tracking BESS moratoriums with its BESS Moratorium Monitor, regularly monitoring and updating the tracker with new decisions from state and local authorities.
