Magnax, a Kortrijk-based DeepTech firm specialising in yokeless axial flux electrical motor expertise, has secured €35.5 million from Pan-Worldwide Industrial Corp., along with Foxconn Group and incoming administration members, by a two-stage capital enhance.
The transaction has obtained overseas direct funding (FDI) approval. Upon completion, Pan-Worldwide will change into Magnax’s largest shareholder. Pan-Worldwide Industrial Corp., a member of Foxconn Group, is a Taiwan-based producer of wiring harnesses, printed circuit boards and precision digital elements.
“The capital will primarily be used to industrialise Magnax’s axial flux motor portfolio and help high-volume manufacturing. This partnership bridges European motor innovation with Asia’s largest superior manufacturing ecosystem,” stated Kester Goh, co-founder of Magnax.
Based in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh, Magnax develops yokeless axial flux electrical motors for high-performance industrial functions and next-generation electrification platforms. This expertise might be utilised in electrical autos, industrial drives, equipment automation, robotics, and aerospace functions.
It valorises and commercialises its patented yokeless axial flux expertise through separate spin-off firms: Traxial, which is targeted on floor e-mobility functions, and Axyal, which focuses on aerospace propulsion techniques.
The corporate states that axial flux expertise gives quite a few benefits over conventional radial flux electrical PM motors. Axial flux expertise offers considerably increased energy density, permitting for larger vary, lighter motors, and extra compact sizes, thus opening up a wider vary of versatile choices for powertrain design.
It highlights that its yokeless axial flux motor expertise makes use of a pancake-shaped, space-efficient design topology. This permits e-mobility innovators to develop and launch extra compact and environment friendly powertrain options.
“Axial flux motors have a essentially higher worth proposition in a number of high-performance use instances. Their excessive torque density and effectivity allow clients to cut back weight and dimension of their finish merchandise. Decrease materials utilization and better effectivity translate instantly into decrease system price and lowered carbon emissions,” stated Peter Leijnen, co-founder of Magnax.
The structure is particularly appropriate for direct-drive or geared industrial drives, robotics and machine automation, and high-efficiency electrification functions like eMobility.
The corporate plans to make use of this recent capital for industrialisation and high-volume deployment. “The capital will primarily be used to industrialise Magnax’s axial flux motor portfolio and help high-volume manufacturing. This partnership bridges European motor innovation with Asia’s largest superior manufacturing ecosystem,” stated Goh.
As a part of the transaction, Magnax appointed a brand new CEO from China with intensive worldwide expertise at a world industrial expertise conglomerate, together with appreciable time working in Europe. The brand new administration crew is co-investing within the deal.
“It is a new and vital section for Magnax. With Foxconn’s manufacturing scale and industrial ecosystem, Magnax beneficial properties the operational basis required to deploy axial flux motor expertise throughout international markets. The partnership accelerates the corporate’s transition from engineering innovation to large-scale industrial deployment,” stated Daan Moreels, co-founder of Magnax.
The corporate said that its headquarters and R&D will stay in Belgium, whereas its high-volume manufacturing can be deployed in China, utilizing Foxconn Group’s provide chain, manufacturing infrastructure, and buyer entry.
Since its inception, the corporate has raised €16 million in 2020 and €13 million in 2022, and has a crew of 30 folks in Belgium.
For Pan-Worldwide and the broader Foxconn Group, the funding enhances growth into superior electrification applied sciences that help AI infrastructure (corresponding to information centre thermal administration), robotics techniques, electrical autos, high-efficiency industrial drives, and machine automation.
