The Collaborative International Dictionary of English v.0.48:

Magneto-electric \Mag`net*o-e*lec"tric\, Magneto-electrical
\Mag`net*o-e*lec"tric*al\, a. (Physics)
   Pertaining to, or characterized by, electricity by the action
   of magnets; as, magneto-electric induction.
   [1913 Webster]

   Magneto-electric machine, a form of dynamo-electric machine
      in which the field is maintained by permanent steel
      magnets instead of electro-magnets.
      [1913 Webster]