Magnitite....Hmmmmm, it has been reported that Extra-Terrestrials shy away from the stuff like an Evil Talisman. It could very well be the / a piece of the puzzle.
Another problem found with "These" free-energy devices is the fact the
magnetism is usually lost ( de-gauss ), or substantially looses most of it....oh yea they work, but for for long.
So far it's usually back to the drawing board to find that magical combination of materials, angle, and shielding to isolate the fields.
Shielding, such as "ferrite" in the correct thickness / tolerances, sort of act as an On / Off switch for magnetizm in a rotary fashioned device.
That would be a way of imitating an electrical field in the conventional electric motor...