Soft magnetics technology startup CorePower Magnetics has raised $2.5 million in pre-seed funding from Volta Energy Technologies, Innovation Works and Evergreen Climate Innovations.

The funding will be used to scale up development of CorePower Magnetics’s proprietary magnetic materials.

“CorePower’s technology not only promises step-change performance benefits to EVs and the grid, but it is also being commercialized by a team that has deep experience and emphasis on scaled manufacturing,” says Volta CTO Dr. David Schroeder.

According to Evergreen Climate Innovations, “CorePower’s new patented combination of advanced manufacturing processes and novel materials represents a long-awaited and significant advancement in efficiency and power density in power electronics and power conversion systems, and has the potential to reduce the need for rare earth elements in electric motors.”

Source: Evergreen Climate Innovations