New pilot line will produce first standard products for EV and Power Grid Markets
PITTSBURGH – November 22, 2022 – CorePower Magnetics announced today it was selected to receive $5M in funding from the U.S. Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) Seeding Critical Advances for Leading Energy Technologies (SCALEUP) program, which supports, pre-pilot, pilot, and scale up projects of potentially disruptive new technologies.
Driving magnetification forward, CorePower Magnetics will use this funding to scale its compact and efficient next generation magnetic solutions for electric vehicles (EVs), EV charging, and the grid. CorePower is commercializing magnetic components, like inductors, transformers, and electric motors with a combination of component design, advanced processing, and specialized alloys inside of its cores. Additionally, this funding enables CorePower to establish its manufacturing roots in Pittsburgh to carry on the tradition of innovation and manufacturing in metals and energy that has long defined the region.
“The potential of EVs and renewables has created unprecedented needs for more efficient and power-dense magnetics so that EVs can travel farther and charge faster, and the grid can adequately handle growth in demand,” said CorePower Magnetics’ CEO Dr. Sam Kernion. “We’re thrilled to have been selected through the extremely competitive ARPA-E SCALEUP process and look forward to increasing our manufacturing roots in the Pittsburgh region to help solve climate and domestic manufacturing supply chain issues.”
“While much progress has been made in electrification, CorePower is revolutionizing the other side of the wave - magnetification,” said CorePower’s CTO Dr. Paul Ohodnicki. “CorePower’s technology development started well over a decade ago, including critical support from ARPA-E and other DOE offices in prior programs, and we’re excited to further deliver on this investment.”
Commercialization partners Eaton and John Deere will support CorePower Magnetics as part of the program.
“CorePower Magnetics’ solutions have the potential to be useful across a broad range of Eaton applications,” said Shailesh Notani, Eaton’s Lead System Engineer for EV Fast Charging. “Eaton is looking forward to collaborating with CorePower to standardize new magnetic components for use in EV chargers and help drive vehicle electrification.”
Prior support of CorePower Magnetics from ARPA-E has come from the Solar ADEPT program, which enabled prototyping and demonstration while the technology was in development at Carnegie Mellon University. CorePower also recently completed a $2.5M pre-seed round led by Volta Energy Technologies, was a recent recipient of NASA’s Hot Operating Temperature Technology (HOTTech) award, and was one of five companies selected to participate in the 10th Cohort of the Wells Fargo Innovation Incubator (IN2).
CorePower aims to become the premier leader in soft magnetic solutions, with the recent funding enabling installation of a pilot manufacturing facility and critical hires for the technical, manufacturing, and commercial roles within the business.
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 to power the future.
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Media Contact
Meghan Laba
CorePower Magnetics
info@corepowermagnetics.com
412-532-8284
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