News Summary

• Ayr Energy makes transformers with iron-cores, the same basic tech used in the grid for over a century.
• So far, the startup has raised $25 million across two rounds.
• Ayr’s competing with giants like GE, Siemens, and Mitsubishi, which have been cranking out transformers for decades.
• The startup hopes to use the disruption to get its foot in the door, prove itself to customers, and then roll out new technologies like solid-state transformers.