Caloric responses (temperature changes) can be induced in solid-state materials by applying external stimuli such as stress, pressure, and electric and magnetic fields. The magnetic-field-stimulated response is called the magnetocaloric effect, and materials that exhibit this property have long been sought for applications in room temperature magnetic cooling due to their potentially superior efficiency and low impact on the environment. Other solid-state caloric phenomena are less developed, but are likewise under intense investigation. Here we introduce a new material that not only displays giant barocaloric (hydrostatic-pressure-induced) properties, but also a large magnetocaloric response near room temperature. It is unprecedented that two caloric effects of such extreme magnitude occur in the same material and at the same temperature. These effects originate from a magnetostructural transition and a magneto-volume (magnetostriction) effect where the volume change is large enough to force the system from a localized ordered state into an itinerant paramagnetic state.
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