Magnax Secures €35.5M Investment from Foxconn for Axial Flux Motor Development
Belgium's Magnax has raised €35.5 million from Pan-International Industrial Corp., affiliated with Foxconn, to enhance its axial flux motor technology. The investment will facilitate high-volume production while maintaining R&D operations in Belgium and scaling manufacturing in China.
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Magnax has completed a €35.5 million funding round led by Pan-International Industrial Corp., with regulatory approval allowing it to become the largest shareholder. The capital will be used to industrialize the company's axial flux motor portfolio and enable high-volume production, leveraging Foxconn's capabilities in China.
Founded in 2015, Magnax specializes in yokeless axial flux motors for various sectors including electric vehicles, robotics, and aerospace. The technology is designed for efficiency and compactness, offering advantages such as reduced weight and lower emissions. The investment aligns with Foxconn's strategy to expand into advanced electrification technologies, providing a foundation for Magnax's global market deployment.
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