Pittsburgh-based Startup CorePower Magnetics Receives Funding to Scale Up Revolutionary Magnetics
Advanced soft magnetic solutions will accelerate vehicle electrification and renewables adoption
PITTSBURGH, PA – September 6, 2022 – CorePower Magnetics, a Pittsburgh-based startup that delivers state-of-the-art compact and efficient magnetic solutions targeting electric vehicles (EVs) and the grid, today announced it has raised $2.5M in pre-seed funding. The round was led by Volta Energy Technologies, with participation from Evergreen Climate Innovations and Innovation Works.
Until now, magnetics have presented a critical limitation in advancing the electrification of transportation, greater energy efficiency, and grid modernization. CorePower’s new patented combination of advanced manufacturing processes and novel materials represents a long-awaited and significant advancement in efficiency and power density in power electronics and power conversion systems and has the potential to reduce the need for rare earth elements in electric motors.
“Magnetics technology has been slow to innovate which has severely limited renewable power and electric vehicles from reaching their full potential,” said CorePower’s CEO Sam Kernion. “We are grateful for the support of our efforts to enable solar and EV adoption by optimizing our proprietary magnetic materials and manufacturing processing to increase performance and promote widespread commercialization.”
“It is rewarding to see decades of research and innovation supported by Department of Energy and the Department of Defense in the university and DOE national laboratory systems, ultimately translating to commercial impact at such a critical time. This new support will play a critical role in enabling and accelerating that transition,” said CorePower’s CTO Paul Ohodnicki.
“As energy storage technologies continue to improve it has become increasingly clear that power electronics generally and soft magnetic materials specifically are critical adjacencies to accelerate electrification and reduce environmental impact,” said Volta CTO Dr. David Schroeder. “CorePower’s technology not only promises step-change performance benefits to EVs and the grid, but it is also being commercialized by a team that has deep experience and emphasis on scaled manufacturing.”
Evergreen Climate Innovations is proud to support entrepreneurs and startups founded in the Greater Midwest that are bringing impactful climate technologies to market.
“We are excited about CorePower’s focus on magnetic technology in power electronics,” said Erik Birkerts, Chief Executive Officer at Evergreen Climate Innovations. “This innovative approach has tremendous potential for electric mobility and grid modernization, and puts them at the leading edge of new companies driving the electrification movement.”
Innovation Works is focused on growing and connecting the local startup ecosystem. Every year, we help hundreds of entrepreneurs, researchers, and small manufacturers to create new markets and change the world with their innovations.
"Innovation Works was an early investor in CorePower and continues to support the company in its recent financing round. We are excited by the progress the company has made to date and look forward to working with them as they expand their footprint in the Pittsburgh region."
In addition to the recent investment, CorePower was a recent recipient of NASA’s Hot Operating Temperature Technology (HOTTech) award, a Department of Energy grant to design new transformers, and was one of five companies selected to participate in the 10th Cohort of the Wells Fargo Innovation Incubator (IN2).
About Evergreen Climate Innovations
Evergreen Climate Innovations, formerly Clean Energy Trust, provides catalytic capital and support to entrepreneurs and startups that bring impactful climate technologies to market. The nonprofit pioneered its 501vc® Investment Fund to align philanthropic and corporate contributions to deliver environmental, economic, and social impact. Evergreen advances and expands access to innovation across the Greater Midwest and cultivates an ecosystem of investors, donors, and collaborators. For over a decade, Evergreen Climate Innovations has invested in startups that have raised $41 for every $1 invested. Learn more at evergreeninno.org
About Volta Energy Technologies
Volta Energy Technologies, LLC identifies and invests in battery and related energy technologies. Serving both financial and strategic corporate investors, Volta provides capital to hard technology innovators and connects them with other industry players developing, manufacturing, and adopting advanced energy technologies, supporting the energy transition toward electrification and decarbonization and delivering returns for all. To learn more, visit volta.vc and follow @VoltaLink on Twitter.
About Innovation Works
Innovation Works (IW) provides investment and assistance to the Pittsburgh region’s most promising technology startups and is the only regional investment fund focused solely on this region, investing more than $113 million in over 600 companies since its formation in 1999. This activity makes Innovation Works the most active seed-stage investor in the region and one of the country’s most active overall. Innovation Works is one of four centers in the statewide Ben Franklin Technology Partners network that helps build PA’s innovative companies, diversify the state’s economic drivers and capitalize on the world-class research conducted at the renowned universities throughout the state. IW is partially funded by the Commonwealth’s Ben Franklin Technology Development Authority. To learn more about Innovation Works, the organization’s commitment to inclusive innovation, and more please visit www.innovationworks.org.
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.
Sam Kernion, President & CEO