CorePower Magnetics, a startup that delivers magnetic solutions targeting electric vehicles (EVs) and the grid, has raised $2.5 million in pre-seed funding. The round was led by Volta Energy Technologies, as well as Evergreen Climate Innovations and Innovation Works.

CorePower’s new patented combination of manufacturing processes and novel materials represents a 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.

“Magnetics technology has been slow to innovate which has severely limited renewable power and electric vehicles from reaching their full potential,” says CorePower’s CEO Sam Kernion. “We are grateful for the support of our efforts to enable solar and EV adoption by optimizing our proprietary magnetic materials and manufacturing processing to increase performance and promote widespread commercialization.”