PITTSBURGH, PA – October 1, 2024 – CorePower Magnetics, a leading innovator in advanced magnetic technologies, has secured nearly $1M in funding from the U.S. Department of Energy (DOE) to spearhead the development of next-generation, rare earth-free electric motors. This grant is part of a $5.5 million DOE initiative, funded through the Bipartisan Infrastructure Law, aimed at fostering domestic production of critical minerals and materials.
The project, “Commercialization of Power Dense Nanocomposite-Based Rare Earth Element-Free Axial Flux Electric Motors," was chosen under the DOE's "Critical Material Innovation, Efficiency, and Alternatives" program. CorePower Magnetics will leverage this support to create a high-performance electric motor that combines high torque, efficiency, and power density without relying on rare earth elements. The innovative design will utilize nanocrystalline soft magnets and position the company to make significant contributions to this field, potentially transforming the landscape of electric motor manufacturing and application.
"The intersection of nanocrystalline soft magnets and our unique motor topology opens up exciting possibilities for next generation electric motors”, said Paul Ohodnicki, CorePower Magnetics CTO. “This project enables us to transform our prior research into practical, rare earth-free motors that can significantly improve electric vehicles and industrial applications while reducing reliance on critical materials."
This project will also support the creation of good-paying jobs in communities that have historically depended on mining and energy production. As part of the selection process, CorePower Magnetics submitted a Community Benefits Plan demonstrating meaningful engagement with and tangible benefits to the communities in which the project will be located.
"At CorePower Magnetics, we believe in the power of innovation to drive progress, both technologically and economically,” says Sam Kernion, CEO. “This funding will enable us to expand our talented team and strengthen our partnership with the Pittsburgh region, all while advancing sustainable solutions for the future of electric motors."
To learn more about the funding, please visit https://www.energy.gov/articles/biden-harris-administration-invests-55-million-develop-new-and-alternative-products-using.
For more information about CorePower Magnetics and its solutions, please visit www.corepowermagnetics.com.
About CorePower Magnetics, Inc
Established in Pittsburgh, PA, in 2020, CorePower Magnetics is bringing high performance power electronics components to market, building upon soft magnetics technologies invented at Carnegie Mellon University and the National Energy Technology Laboratory. Finished power electronics components including motors, inductors and transformers operate with increased temperature stability in smaller, lighter packages. The CorePower Magnetics founding team includes the inventors of the underlying technology, combined with the necessary business expertise to bring this technology to market. With deep experience across soft magnetics, manufacturing and commercializing technologies, CorePower Magnetics is ready lead the Magnetification™ revolution.
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Media Contact
Stacey DiSpigno
CorePower Magnetics
773-726-8315