New research has found that a large electric field placed at the surface of a ferromagnetic material, such as iron-platinum compounds, can affect its intrinsic magnetic properties.

A research team led by Martin Weisheit has reported the discovery, which could lead to the development of faster memory devices with lower power consumption.

The report of the study, published in Science, states: "The magnetocrystalline anisotropy of ordered iron-platinum and iron-palladium intermetallic compounds can be reversibly modified by an applied electric field when immersed in an electrolyte."

According to the study, a voltage change of -0.6 volts on two nanometre thick films changed the coercivity of the iron-platinum compound by -4.5 per cent and by +1 per cent in the iron palladium compounds.

This breakthrough means that experts may be able to effectively modulate the magnetic properties of a material with an applied electric field, meaning that systems with faster memories could be developed from the technology.

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