Saving energy by reducing losses in power conversion effectively adds to the energy resources. Recent progress made in Gallium nitride (GaN) technology has opened up new possibilities where the converter losses and size can be reduced significantly, reducing the converter footprint and potentially its cost. GaN offers power electronic devices in two flavors, Lateral and Vertical. Lateral GaN technology in the form of HEMTs is now fairly matured and has been adopted by several industries to design into medium (1kW-20kW) power conversion applications. The benefits as evidenced by reduction in size of passive components and heat sinks are exciting and cost effective. Vertical GaN technology, currently under development, has the potential to serve the higher power (>20kW) conversion applications. The availability of high quality freestanding bulk GaN material initiated by the lighting market has enabled vertical power device to make substantial progress creating new prospects for GaN in power electronics.