A coolant capable of enhancing corrosion inhibition includes a potassium formate solution having a first concentration of a polyphosphate salt and a second concentration of dicyandiamide. In one embodiment, such a coolant may provide corrosion inhibition that is especially effective for silicon and aluminum, among other materials. The corrosion protection may be enhanced for certain materials by adding benzotriazole in a third concentration to the potassium formate solution.