CorePower Magnetics raised $14.3 million as it works to scale its electric vehicle and power grid tech.

The round remains open as the company seeks an additional $220,000 to meet its $14.5 million goal, according to a new Form D filing with the US Securities and Exchange Commission (SEC).

CorePower, a 2020 Carnegie Mellon University spinout, aims to develop smaller and more efficient magnetic components, like inductors and transformers, that go into building energy infrastructure. It previously raised more than $2 million in pre-seed funding and secured several federal grants, totaling over $25 million.

The equity raise includes seven investors, with the first sale occurring on Aug. 25, according to the SEC document.

CorePower did not immediately return Technical.ly’s request for comment on the raise.

Four people stand side by side on a rooftop with city buildings, including UPMC and PPG towers, visible in the background on a clear day.
The CorePower Magnetics team in 2022 (Courtesy)

CorePower joined local accelerator AlphaLab in 2021. It also participated in the Air Force Labs Accelerator and the Wells Fargo Innovation Incubator. 

The company then went on to raise $2.5 million, led by Illinois firm Volta Energy Technologies, with participation from Chicago-based Evergreen Climate Innovations and Pittsburgh’s Innovation Works.

A 2023 grant from the US Department of Energy selected CorePower to transform a former industrial site into a domestic manufacturing facility for magnetic components and advanced metals.

The company is headquartered at the Energy Innovation Center in the Hill District and has 13 employees, according to PitchBook.