Interest in molecular magnets has so far mainly been confined to scientific aspects, but their potential technological applications are wide ranging. Here their use in lightweight transformers and generators, magnetic shielding, and magnetic and magneto‐optic recording media are discussed. The Figure shows a powder sample of the room‐temperature V(TCNE)x · y(solvent) magnet being attracted to a Co5Sm magnet. (Figure Presented.) Copyright © 1994 Verlag GmbH & Co. KGaA, Weinheim