Yes. Ferromagnetic materials heat up when introduced into a magnetic field and cool down again when removed. Magnetic field based cooling systems have existed since the 1930s – but until recently, only in laboratories. Today, new materials in magnetic refrigeration technology and more effective permanent magnets allow for a much larger effect. Initial estimates by material researchers suggest that energy consumption can be cut by up to 50 percent by using a unit with magnetic refrigerating technology instead of a conventional refrigerator.
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