CorePower Magnetics is receiving a $5 million grant from the US Department of Energy’s Advanced Research Projects Agency-Energy program Seeding Critical Advances for Leading Energy Technologies, aka SCALEUP.
CEO Sam Kernion told Technical.ly the funding will be used to expand the startup’s current staff, and to scale its production of next-generation magnetic solutions for electric vehicles, EV charging and the grid.
The SCALEUP program supports entities that are in the pre-pilot, pilot, and scale-up phase of developing “potentially disruptive new technologies,” Kernion said. CorePower came on the program’s radar due to its background in energy tech and was ultimately selected for the grant out of 160 applicants.
“It…