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Micromagnets with collinear electric and magnetic dipole moments are embedded in a polymer to form a magnetic composite (see image). Each particle is a micromagnet that sits in a fluid-filled cavity in which it is free to rotate. Under the application of a voltage, the multifunctional particles align with the applied electrostatic field to give rise to a net magnetization.
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Ghosh et al. (2008) studied this question.
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