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Disclosed are bimetallic strips that incorporate magnetostrictive materials to enhance and provide sensing, actuating and energy harvesting functions. The bimetallic strips include a positive magnetostrictive Fe-based alloy layer and a flexible layer. The flexible layer may be a negative magnetostrictive layer or a permanent magnet layer. One or more permanent magnet materials may also be used in the arrangement. The bimetallic strips are inexpensive and easily manufactured, and have characteristics that enhance sensing and actuator applications, and enables energy harvesting.