CorePower Magnetics, a Pittsburgh-based developer and manufacturer of advanced magnetic components for power electronics, has raised $10.6 million in equity financing to expand domestic manufacturing capacity, accelerate hiring and scale commercialization of its technology.
The oversubscribed round was co-led by Engine Ventures and Material Impact, with participation from Evergreen Climate Innovations, the Carnegie Mellon Catalyst Fund and Baruch Future Ventures. The financing brings CorePower’s total equity funding to $13.6 million. The company has also secured another $27 million in non-dilutive funding through ARPA-E, the U.S. Department of Energy and Department of Defense programs.
CorePower develops advanced magnetic materials and components, including transformers and inductors, used in power electronics across AI infrastructure, data centers, grid modernization and industrial electrification.
Demand for more efficient power electronics is increasing as data centers and other energy-intensive infrastructure require larger amounts of electricity. CorePower noted that the International Energy Agency projects AI-driven data center electricity demand will more than double by 2030, while the U.S. Department of Energy estimates roughly 100 GW of additional peak-hour supply could be required by then.
Magnetic components play a critical role in converting and controlling electricity but remain one of the less-modernized portions of the power infrastructure stack. As systems move toward higher voltages and frequencies, conventional transformers and inductors can struggle with efficiency, heat, size and weight.
CorePower’s technology is based on nanocrystalline alloys originally advanced by co-founders Paul Ohodnicki and Sam Kernion at Carnegie Mellon University in collaboration with the Department of Energy’s National Energy Technology Laboratory.
The company reformulated the materials to operate at higher temperatures while withstanding the mechanical requirements associated with commercial manufacturing. CorePower works across the full value chain, spanning materials development, manufacturing processes, component design and production.
The result is smaller, lighter and more efficient inductors and transformers that customers can integrate directly into power systems.
CorePower is now moving from technology development toward higher-volume domestic manufacturing. The company plans to use the new capital to expand production capacity and equipment in the Pittsburgh region while adding employees across engineering, operations and manufacturing.
The company has already moved its proprietary alloy, annealing and component manufacturing processes from laboratory scale through intermediate stages and into commercial-scale production. Multiple product lines are now advancing toward volume manufacturing.
CorePower also has paid engagements with several Fortune 500 companies across AI infrastructure, data centers, industrial power systems and grid modernization.
The financing strengthens the company’s effort to build a domestic supply base for advanced magnetics at a time when power infrastructure has become increasingly important to the expansion of AI computing and broader electrification.
Engine Ventures General Partner Reed Sturtevant and Material Impact Co-Founder and Managing Partner Carmichael Roberts are also joining CorePower’s board as part of the financing.
Founded in 2020, CorePower is headquartered at the Energy Innovation Center in Pittsburgh. The company plans to continue expanding its manufacturing footprint in the region while increasing commercialization of its magnetic components across power-intensive markets.
KEY QUOTES:
“The increased need for more efficient power electronics is creating a significant opportunity for advanced magnetic materials and components. 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.”
Sam Kernion, CEO of CorePower Magnetics
“CorePower sits at a critical and under-appreciated layer in the power stack. We believe their unique magnetics materials technology can be the foundation of a large, successful company during the growth of data centers and the grid.”
Reed Sturtevant, General Partner at Engine Ventures
“Advanced materials create value only when they can be translated into products that solve meaningful customer problems. What impressed us about CorePower is not only the strength of the underlying technology, but the team’s ability to scale it into manufacturable components that address critical needs across power infrastructure, electrification, and AI-driven growth.”
Carmichael Roberts, Co-Founder and Managing Partner at Material Impact
