The Induction Furnace is an Industrial Craft 2 machine, the advanced version of the Electric Furnace. Like the other advanced machines, the Induction Furnace increases in speed through constant operation or by applying a redstone signal to any face of the machine.
The Induction Furnace is a Medium Voltage machine and can accept up to 128 EU/t, but has no upgrade slots like the other advanced machines. Thus, it's impossible to feed High or Extreme Voltage directly into the Induction furnace and the use of a MV Transformer is required if one wishes to connect these types of current to the Induction Furnace.
The Induction Furnace has space for two items in both its input and output slots. The Induction Furnace only needs half the energy it would've taken the Electric Furnace to process both items separately as a result.