Instead of the light being absorbed, energy is stored in the magnetic moment.

FORBES: Solar Power Without Solar Cells?

The measured magnetic moment of the electron agrees with that predicted by the Standard Model to within four parts per billion.

ECONOMIST: Particle physics

His measurements suggest that muons also differ from electrons in a property called magnetic moment, which governs a particle's interaction with magnetic fields.

ECONOMIST: Particle physics

So the amount of electro-magnetic (EM) energy it could produce in any given moment is tiny.

FORBES: Yes, Our Gadgets Really Threaten Planes

At the moment the mass-storage medium of choice is magnetic tape, which has the advantage of being cheap.

ECONOMIST: Computing