A novel ferromagnetic composition is provided. The reagent includes at least one zero-valent atom, whether metal, metalloid, or non-metal, in complex with at least one hydride molecule. The composition need not contain any inherently ferromagnetic elements and can be much lighter than conventional iron or other metal-based ferromagnetic materials. Core-solenoid devices having ferromagnetic cores which employ the novel ferromagnetic composition are additionally provided. Examples such as electric motors or generators for use in hybrid or all-electric automobiles are included.