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CorePower Magnetics awarded $20M from DOE to strengthen domestic EV supply chain

January 21, 2024

CorePower Magnetics, a company specializing in magnetic components and advanced metals, has been selected for $20 million in funding from the U.S. Department of Energy’s Office of Manufacturing and Energy Supply Chains.

The funding will be used to establish a state-of-the-art domestic manufacturing facility for advanced metals casting and advanced amorphous and nanocrystalline alloys. It will also include component production lines for motors and high-frequency transformers and inductors.

CorePower’s specialty magnetic grades are designed to upgrade legacy systems like distribution transformers while enabling emerging compact components for EV powertrains, EV fast chargers, and renewable energy integration.

As part of a Community Benefits Agreement with partner Pittsburgh Gateways Corporation, CorePower Magnetics will focus on recapturing jobs and tax revenues previously lost due to the shift away from coal mining and traditional energy generation for the grid. The company plans to manufacture 10,000 tons of its materials annually, targeting a 20% expansion of current domestic capacity and meeting 10% of global demand for the specialized magnetic metals.

Dr. Sam Kernion, CEO of CorePower Magnetics, said, “This facility secures a reliable domestic source of high-performance alloys and components currently dominated by foreign supply chains. Teaming our innovative solutions with the region’s renowned metals manufacturing legacy and skilled workforce, we will build the manufacturing backbone needed to upgrade critical infrastructure across America’s energy economy.”