PITTSBURGH – November 28, 2023 – CorePower Magnetics announced today it has been selected for $20 million in funding from the U.S. Department of Energy’s Office of Manufacturing and Energy Supply Chains to launch a state-of-the-art domestic manufacturing facility for magnetic components and advanced metals. Targeting reuse of a former industrial site, the new facility aims to onshore production and strengthen supply chain resilience for electric grid infrastructure and electric vehicles.
"This facility secures a reliable domestic source of high-performance alloys and components currently dominated by foreign supply chains," said Dr. Sam Kernion, CEO of CorePower Magnetics. "Teaming our innovative solutions with the region’s renowned metals manufacturing legacy and skilled workforce, we will build the manufacturing backbone needed to upgrade critical infrastructure across America's energy economy,”
The manufacturing facility will contain an advanced metals casting line to mass produce advanced amorphous and nanocrystalline alloys, in addition to component production lines for motors and high frequency transformers and inductors. CorePower's specialty magnetic grades upgrade legacy systems like distribution transformers while enabling emerging compact components for EV powertrains, EV fast chargers, and renewable energy integration.
“By repurposing legacy infrastructure in Pittsburgh, we can leverage existing assets to drive innovation and the local economy,” explained Dr. Paul Ohodnicki, CTO of CorePower Magnetics. “This support from the DOE will be transformational as we work to meet surging demand for U.S.-made technologies enabling vehicle electrification and modernized power grids.”
The facility is projected to create 25 – 50 skilled manufacturing jobs, helping to rebuild regional employment opportunities. As part of a Community Benefits Agreement with partner Pittsburgh Gateways Corporation, CorePower Magnetics will focus hiring on recapturing jobs and tax revenues previously lost due to movement away from coal mining and traditional energy generation for the grid.
With integrated manufacturing scaled to supply 10,000 tons annually, CorePower targets a 20% expansion of current domestic capacity alongside meeting 10% of global demand for the specialized magnetic metals. This significant scale empowers CorePower to lead the new generation of power electronics manufacturing while bringing jobs back to the Pittsburgh region. The area’s existing assets, utilities and transportation infrastructure can facilitate rapid factory buildout to actualize DOE support under the visionary funding program.
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.