Pittsburgh-based CorePower Magnetics, Inc. will receive $20 million in federal funding aimed at strengthening clean energy supply chains and accelerating clean energy manufacturing in former coal communities, the U.S. Department of Energy (DOE) announced Monday.
CorePower is one of seven projects the DOE said will receive a total of $275 million for efforts officials said would enhance the U.S. global competitiveness and national security by building domestic supply chains. The projects will leverage more than $600 million in private sector investments into small- and medium-sized manufacturers, the department said, while creating nearly 1,500 high-quality, good-paying jobs.
“President Biden’s Investing in America agenda is driving the manufacturing boom while preserving the communities and workforce that have powered our nation for generations,” U.S. Energy Secretary Jennifer M. Granholm said. “With these historic investments, DOE will bring new economic opportunities and ensure these communities continue their key role in strengthening America’s national and energy security.”
CorePower will receive $20 million to build an advanced metals and component manufacturing facility that will boost domestic supply chain resiliency of transformers and motors for grid and electric vehicle applications. The project will retrofit a former coal-fired Pittsburgh power plant and will leverage existing utilities, transportation and facilities to create a domestic manufacturing facility. Officials said the new facility will increase U.S. production by 20 percent and meet an estimated 10 percent of global demand. The project includes an agreement to hire 25-50 personnel to recapture jobs and lost tax revenue.