GE develops high-tech fridge magnets that could save the world billions of dollars in energy costs

One of the world’s biggest draws of electricity is refrigeration and air conditioning. (Yes, it’s somewhat ironic that, by trying to stay cool, we pump millions of tons of greenhouse gases into the atmosphere). General Electric, GE, believes it has discovered a new method of magnet-based refrigeration that is 20-30% more efficient than existing refrigeration technology, which almost universally uses a liquid refrigerant and compressor. GE launched the first commercial electric refrigerator in 1927 — and fridges have fundamentally remained unchanged for almost 100 years. GE hopes that its magnet-based tech can become the refrigeration method of choice for the next 100 years.

At the heart of GE’s new refrigeration technology is the magnetocaloric effect.  The magnetocaloric effect, like vapor-compression refrigeration (the method used in all moderncars, fridges, etc.) was discovered a very long time ago, but there have always been large barriers preventing its commercial adoption. Basically, some metals get warmer when exposed to a magnetic field, and then cool down again when the magnet is removed. By doing this repeatedly, you can create a heat pump that moves thermal energy from one place and deposits it elsewhere. (This is exactly what your AC unit does, incidentally.)