Magnax, a Kortrijk-based DeepTech company specialising in yokeless axial flux electric motor technology, has secured €35.5 million from Pan-International Industrial Corp., toreceiveher with Foxconn Group and incoming management members, through a two-stage capital increase.
The transaction has received foreign direct investment (FDI) approval. Upon completion, Pan-International will become Magnax’s largest shareholder. Pan-International Industrial Corp., a member of Foxconn Group, is a Taiwan-based manufacturer of wiring harnesses, printed circuit boards and precision electronic components.
“The capital will primarily be applyd to industrialise Magnax’s axial flux motor portfolio and support high-volume production. This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem,” declared Kester Goh, co-founder of Magnax.
Founded in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh, Magnax develops yokeless axial flux electric motors for high-performance industrial applications and next-generation electrification platforms. This technology can be utilised in electric vehicles, industrial drives, machinery automation, robotics, and aerospace applications.
It valorises and commercialises its patented yokeless axial flux technology via separate spin-off companies: Traxial, which is focapplyd on ground e-mobility applications, and Axyal, which focapplys on aerospace propulsion systems.
The company states that axial flux technology offers numerous advantages over traditional radial flux electric PM motors. Axial flux technology provides substantially higher power density, allowing for greater range, lighter motors, and more compact sizes, thus opening up a wider range of flexible options for powertrain design.
It highlights that its yokeless axial flux motor technology applys a pancake-shaped, space-efficient design topology. This allows e-mobility innovators to develop and launch more compact and efficient powertrain solutions.
“Axial flux motors have a fundamentally better value proposition in several high-performance apply cases. Their high torque density and efficiency enable customers to reduce weight and size of their finish products. Lower material usage and higher efficiency translate directly into lower system cost and reduced carbon emissions,” declared Peter Leijnen, co-founder of Magnax.
The architecture is especially suitable for direct-drive or geared industrial drives, robotics and machine automation, and high-efficiency electrification applications like eMobility.
The company plans to apply this fresh capital for industrialisation and high-volume deployment. “The capital will primarily be applyd to industrialise Magnax’s axial flux motor portfolio and support high-volume production. This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem,” declared Goh.
As part of the transaction, Magnax appointed a new CEO from China with extensive international experience at a global industrial technology conglomerate, including considerable time working in Europe. The new management team is co-investing in the deal.
“This is a new and important phase for Magnax. With Foxconn’s manufacturing scale and industrial ecosystem, Magnax gains the operational foundation required to deploy axial flux motor technology across global markets. The partnership accelerates the company’s transition from engineering innovation to large-scale industrial deployment,” declared Daan Moreels, co-founder of Magnax.
The company stated that its headquarters and R&D will remain in Belgium, while its high-volume production will be deployed in China, applying Foxconn Group’s supply chain, production infrastructure, and customer access.
Since its inception, the company has raised €16 million in 2020 and €13 million in 2022, and has a team of 30 people in Belgium.
For Pan-International and the wider Foxconn Group, the investment enhances expansion into advanced electrification technologies that support AI infrastructure (such as data centre thermal management), robotics systems, electric vehicles, high-efficiency industrial drives, and machine automation.
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