Magnax Raises €35.5M for Axial Flux Motor Industrialization

Belgian innovator Magnax has successfully closed a significant funding round, securing €35.5 million to accelerate the industrialization of its advanced axial flux electric motor technology. The capital infusion, which has received foreign direct investment approval, was led by Pan-International Industrial Corp., a key entity within the globally recognized Foxconn Group. Management members also participated in this crucial two-stage capital increase, positioning Pan-International to become Magnax’s largest shareholder upon finalization.

This strategic investment is earmarked for scaling up Magnax's proprietary yokeless axial flux motor portfolio and establishing high-volume production capabilities. The partnership represents a powerful synergy, merging cutting-edge European engineering with Asia's extensive advanced manufacturing infrastructure. As Kester Goh, co-founder of Magnax, stated, this collaboration is designed to bridge European motor innovation with Asia’s formidable manufacturing ecosystem.

Founded in 2015, Magnax has focused on developing yokeless axial flux electric motors, a technology offering substantial advantages over conventional radial flux designs. These motors are characterized by their pancake-shaped, highly efficient topology, delivering superior power density. This translates into lighter, more compact motor solutions that can enhance range in electric vehicles, improve efficiency in industrial drives, and enable new possibilities in robotics, aerospace, and automation.

The company's innovative approach is further channeled through spin-off entities: Traxial, dedicated to e-mobility applications, and Axyal, focusing on aerospace propulsion systems. The inherent benefits of axial flux motors, such as higher torque density and reduced material usage, directly contribute to lower system costs and a smaller environmental footprint, aligning with the growing demand for sustainable electrification solutions across multiple industries.

With this new capital, Magnax plans a strategic expansion of its production capacity. While research and development will remain anchored in Belgium, high-volume manufacturing is slated to leverage the extensive supply chain, production facilities, and market access of the Foxconn Group in China. This move is expected to significantly accelerate the company's transition from technological development to widespread market deployment.

The investment by Pan-International Industrial Corp. and the Foxconn Group underscores a broader strategic push into advanced electrification technologies. These technologies are critical for supporting burgeoning sectors such as AI infrastructure, including data center thermal management, advanced robotics, and the rapidly evolving electric vehicle market. The integration of Magnax's technology into the Foxconn ecosystem is anticipated to drive innovation and efficiency across these vital industrial segments.