CorePower Magnetics Announces Completion of Exclusive Licenses, Names CEO to Drive Commercialization
PITTSBURGH, Pennsylvania PA – June 1, 2021 – CorePower Magnetics Inc. announced today the finalization of an exclusive intellectual property licensing agreement with both Carnegie Mellon University (CMU) and the National Energy Technology Laboratory (NETL) covering advanced magnetics technologies. The company also appointed Dr. Samuel J. Kernion to serve as Chief Executive Officer effective June 1, 2021.
“The team is excited to bring this technology to market for the next generation of power dense, highly efficient power electronics components, and CMU and NETL are terrific launch partners,” said Dr. Paul Ohodnicki, CorePower Magnetics’ Co-Founder and Chief Technology Officer.
“We’re also thrilled to bring Sam back to Pittsburgh to lead this next phase of CorePower’s journey. As a student at CMU, Sam was one of the original inventors of CorePower Magnetics’ patented strain-annealing technology. Since that time, his industry track record in building programs, commercializing and delivering product to customers, and leading successful teams gives us full confidence in his abilities to take CorePower Magnetics to the next level.”
With the execution of these licensing agreements, CorePower Magnetics is officially launching with a broad portfolio of soft magnetics technologies developed by teams led by CMU’s Dr. Michael McHenry, Co-Founder and Chief Scientist of CorePower Magnetics and University of Pittsburgh’s Dr. Ohodnicki.
CorePower Magnetics’ technology can have broad implications across grid modernization efforts and electric land, air and sea vehicles through its smaller, lighter, more efficient components. The combination of novel magnetic materials and advanced manufacturing capabilities enable a level of control in magnetics engineering not currently available. With the underlying CMU and NETL inventions awarded the R&D100 and Carnegie Science Awards in 2019, CorePower Magnetics technology delivers a step change in magnetic core performance with up to 10x weight reduction, up to 5x volume reduction, up to 2x loss reduction and without the need for rare earth materials.
Burcu Akinci, Associate Dean for Research in Carnegie Mellon University’s College of Engineering, said, “This technology license represents the culmination of over a decade of CMU-led magnetics R&D, and I can’t wait to see the impact CorePower Magnetics makes in the market.”
“Our role at NETL is to pursue research and development from idea to market and to play a pivotal role in the energy innovation ecosystem,” said NETL Director Brian Anderson, Ph.D. “This technology, which includes innovations NETL developed in partnership with CMU, offers multiple benefits to the American people, from power generation to transportation and beyond. To see the technology advance from concept to commercialization with CorePower Magnetics is very rewarding.”
Prior to joining CorePower Magnetics, Dr. Samuel J. Kernion, held multiple leadership roles in R&D and Operations at Carpenter Technology Corporation including launching a multi-million dollar Soft Magnetics Center of Excellence.
“It’s an honor to join CorePower Magnetics’ talented leadership team in writing the next chapter of our story, bringing to market high performance magnetics to power the future,” said Kernion. “Customers are seeking solutions for smaller, lighter power electronics and we have the right team, the right technology and the passion to make it happen.”
CorePower Magnetics is currently seeking investors for its initial seed funding round.
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 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.
About Carnegie Mellon University
Carnegie Mellon is a private, internationally ranked research university with programs in areas ranging from science, technology and business, to public policy, the humanities and the arts. More than 14,000 students in the university's seven schools and colleges benefit from a small student-to-faculty ratio and an education characterized by its focus on creating and implementing solutions for real problems, interdisciplinary collaboration and innovation.
Under the direction of Professor Michael E. Mchenry, both Paul Ohodnicki and Sam Kernion received their Ph.d's from Carnegie Mellon.
About the National Energy Technology Laboratory
NETL is a U.S. Department of Energy national laboratory that produces technological solutions for America’s energy challenges. From developing creative innovations and efficient energy systems that make coal more competitive, to advancing technologies that enhance oil and natural gas extraction and transmission processes, NETL research is providing breakthroughs and discoveries that support domestic energy initiatives, stimulate a growing economy, and improve the health, safety, and security of all Americans. Highly skilled men and women at NETL’s sites in Albany, Oregon; Anchorage, Alaska; Houston, Texas; Morgantown, West Virginia; and Pittsburgh, Pennsylvania conduct a broad range of research activities that support DOE’s mission to advance the national, economic, and energy security of the United States.
Chief Executive Officer