CorePower Magnetics raises $10.6M for grid-ready magnetic materials

What's the deal? CorePower Magnetics, a Pittsburgh-based power equipment startup, has raised a $10.6 million early-stage round co-led by Engine VenturesDealroom has a profile for this one. Try Dealroom → and Material ImpactDealroom has a profile for this one. Try Dealroom →. The company develops more efficient, power-dense components such as inductors and transformers using proprietary nanocrystalline magnetic materials, whose ultra-fine grains reduce energy loss.

Why now? As AI and electrification push the grid to its limits, power electronics are being asked to handle more power, higher voltages, and higher frequencies. Better magnetic materials help components keep up.

What's the endgame? Nanocrystalline materials have historically been brittle and limited to operating below 150 degrees Celsius. CorePower says it engineered alloys that perform above 200 degrees while maintaining durability, letting engineers push more power through smaller components.

That higher ceiling matters most in data centers. Running hotter could equate to about a 10% overall reduction in power demand, chief executive officer Sam Kernion said. "Data centers are the tip of the spear for this really big push into power electronics," he explained.

What's next? CorePower launched its first product last year, a standardised, low-voltage inductor that smooths current in power conversion systems, including data center equipment, EV chargers, and inverters. It is now preparing to launch a standardised transformer product designed to operate from 10 kilohertz to 100 kilohertz.

The company plans to sell those transformers to power electronics manufacturers, which will build complete solid-state systems around the magnetic core. CorePower has not disclosed any customers to date.

The signal: The grid is shifting from one-directional power flow to a system that must handle rooftop solar, batteries, and eventually electric vehicles feeding power back. Solid-state transformer startups such as Heron Power and DG Matrix are chasing the same problem, but still rely on conventional magnetic materials — the bottleneck CorePower is betting it can break. "We're taking a car engine, and now we're going to a jet engine," Kernion said.

Read more: heatmap.news , BusinessWire

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