CorePower Magnetics is a 2020-founded Carnegie Mellon University spinout developing advanced magnetic components — motors, inductors and transformers — aimed at electric vehicles and the power grid. The company says its technology produces smaller, lighter packages that improve power density, reduce reliance on rare elements, and address existing limits in electric transportation. CorePower is based at Pittsburgh’s Hill District Energy Innovation Center Institute and currently has 11 employees, five of whom are in Pittsburgh; it plans to hire a design engineer and an electromechanical technician. It will use the new capital to expand staff and accelerate development of its magnetic technology targeting EVs and the grid, with a stated vision of becoming a leader in magnetic solutions for a sustainable future. The company previously received non-dilutive and early investments including $200,000 from the U.S. Department of Energy, $50,000 from Innovation Works’ AlphaLab Gear, and a $250,000 grant from the Wells Fargo Innovation Incubator. CEO Sam Kernion describes the firm’s focus as “magnification” to complement advances in batteries and semiconductors.

Total raised

$3M

Funding rounds

1

Latest round

Seed

Latest activity

Sep 2022