CorePower Magnetics, a developer and manufacturer of advanced magnetic components for power electronics, announced on September 17, 2026 that it has raised $10.6 million in equity financing. 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 new capital will support manufacturing expansion, hiring, and commercialization as the company transitions from technology development to scaled domestic production.
Responding to Rising Power Demands
Demand for more efficient power electronics is accelerating across artificial intelligence infrastructure, data centers, grid modernization, industrial electrification, and the broader energy transition. The International Energy Agency projects that 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 may be needed by that year. As power levels rise, system designers are under pressure to improve efficiency, reduce size and weight, and lower costs.
A Critical Layer in the Power Stack
Magnetic materials and components are a critical part of the power stack because every electron on the grid passes through them, yet they remain one of the least modernized areas of power electronics. Higher-voltage and higher-frequency architectures now entering the market have shifted operating conditions for power conversion. This shift is driving demand for transformers and inductors that can operate at higher temperatures, deliver greater efficiency, and manage higher voltages than conventional components allow.
Advanced Materials and Manufacturing
CorePower develops and manufactures advanced magnetic components based on a class of nanocrystalline alloys and a streamlined manufacturing process. The foundational technology was first advanced by co-founder and CTO Paul Ohodnicki and CEO Sam Kernion at Carnegie Mellon University in collaboration with the U.S. Department of Energy's National Energy Technology Laboratory. CorePower reformulated the materials to operate at higher temperatures and to withstand the mechanical requirements of commercial production.
Working Across the Value Chain
Unlike most companies in the magnetics industry, CorePower works across the entire value chain, from materials development and manufacturing processes through component design and production. This holistic approach enables the company to deliver smaller, lighter, and more efficient inductors and transformers that customers can integrate directly into their systems. According to the company, it is also bringing greater standardization to a historically custom industry, helping customers move faster from design to production.
Expanding Domestic Capacity in Pittsburgh
The financing will support CorePower's planned manufacturing expansion in the Pittsburgh region, building on the area's history of steelmaking, materials innovation, and advanced manufacturing. Planned investments include production capacity, equipment, and the team required to bring advanced magnetic components into volume production. CorePower has previously received grants from ARPA-E and SBIR and STTR awards from the U.S. Department of Energy and Department of Defense.
Commercial Traction and Board Growth
CorePower reports working with leading companies, including multiple Fortune 500 companies under paid engagements, across AI infrastructure, data centers, industrial power systems, and grid modernization. The company has advanced its proprietary alloy, annealing, and component manufacturing processes from laboratory scale to commercial scale production and is moving multiple product lines toward volume production. Reed Sturtevant of Engine Ventures and Carmichael Roberts of Material Impact have joined the CorePower board, and the company is expanding hiring across engineering, operations, and manufacturing.
CorePower Magnetics was founded in 2020 and is headquartered at the Energy Innovation Center in Pittsburgh. The round brings the company's total equity funding to $13.6 million, and it has raised an additional $27 million in non-dilutive funding through ARPA-E, Department of Energy, and Department of Defense programs. With this support, CorePower is positioned to help address a critical bottleneck in AI, grid, and electrification infrastructure by scaling advanced magnetic components for next-generation power electronics.