Pennsylvania-Based CorePower Magnetics Raises $10.6M in Funding

What is CorePower Magnetics?

Founded in 2020, CorePower Magnetics develops and manufactures advanced magnetic components for power electronics. It's products include inductors and transformers designed to be smaller, lighter and more efficient than conventional components.

The company develops technology across the value chain, from magnetic materials and manufacturing processes to component design and production. Its technology is based on nanocrystalline alloys and a manufacturing process developed at Carnegie Mellon University in collaboration with the US Department of Energy’s National Energy Technology Laboratory.

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CorePower’s components are designed for applications including AI infrastructure, data centers, grid modernization, industrial electrification, and other energy transition use cases.

Funding Details

CorePower Magnetics raised $10.6 million in financing co-led by Engine Ventures and Material Impact.

Evergreen Climate Innovations, the Carnegie Mellon Catalyst Fund, and Baruch Future Ventures also participated in the round. The latest financing brings CorePower’s total equity funding to $13.6 million.

The company has also raised $27 million in non-dilutive funding through programs from ARPA-E, the US Department of Energy, and the US Department of Defense.

How Will CorePower Magnetics Use the Funding?

The company will use the capital to expand manufacturing capacity in the Pittsburgh region, invest in production equipment, accelerate hiring, and support development and commercialization efforts.

The funding will help CorePower move from technology development toward scaled domestic manufacturing of its magnetic materials and components.

Company Background

CorePower Magnetics is based in the Pittsburgh region and is expanding its US production footprint there.

Co-founder and CTO Paul Ohodnicki and CEO Sam Kernion advanced the company’s foundational technology at Carnegie Mellon University.

CorePower later reformulated the technology for higher operating temperatures and the mechanical requirements of commercial manufacturing.

The company has previously received ARPA-E grants as well as SBIR and STTR awards from the US Department of Energy and Department of Defense.

Leadership Comments

"The increased need for more efficient power electronics is creating a significant opportunity for advanced magnetic materials and components," said Sam Kernion, CEO of CorePower. “Along with improved performance, we're bringing greater standardization to a historically custom industry, enabling customers to move faster from design to production while accelerating adoption of next-generation power electronics."

"Advanced materials create value only when they can be translated into products that solve meaningful customer problems," said Carmichael Roberts, Co-Founder and Managing Partner at Material Impact.

Market and Business Growth

Demand for more efficient power electronics is increasing across AI infrastructure, data centers, grid modernization, and industrial electrification.

As power systems move toward higher voltages and frequencies, manufacturers need magnetic components that can operate more efficiently while reducing size and weight. CorePower is developing its products to address these requirements while building domestic manufacturing capacity.

What Happens Next?

CorePower Magnetics plans to expand its Pittsburgh-area manufacturing operations, increase production capacity, and grow its team as it works toward commercial-scale production of its advanced magnetic components.

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