Magnax Secures $38M from Foxconn to Scale Axial Flux Motors

Jan de Vries · 2026-04-06

Here's a big development in the electric motor world that's flying a bit under the radar. Magnax, a Belgian tech company, just landed a major investment to bring its next-generation motor design to the masses. They've secured $38.4 million from a Foxconn-backed group, which is a huge vote of confidence in their axial flux technology. This isn't just another funding round. The deal has full foreign investment approval and makes Pan-International, part of the Foxconn empire, Magnax's largest shareholder. It's a classic case of European innovation meeting Asian manufacturing muscle. ### What Makes Axial Flux Motors Special? So, what's all the fuss about? Magnax makes what are called yokeless axial flux electric motors. That's a mouthful, but think of it like this: it's a pancake-shaped motor that's way more compact and powerful than the traditional radial motors we're used to. They're not just a little better. The company claims these motors offer substantially higher power density. In plain English, that means you can get more power from a motor that's lighter and takes up less space. That's a game-changer for designers. - Greater range for electric vehicles - Lighter overall systems - More compact powertrain designs - Lower material usage and system costs As co-founder Peter Leijnen puts it, "Lower material usage and higher efficiency translate directly into lower system cost and reduced carbon emissions." That's the kind of win-win that gets investors excited. ### Where You'll See This Technology This isn't some lab experiment. Magnax's motors are built for real-world, high-performance jobs. Their technology is already being commercialized through spin-off companies for specific markets. One spin-off, Traxial, focuses on ground transportation like electric cars and trucks. Another, Axyal, is tackling aerospace propulsion. The core architecture is perfect for anything needing high efficiency and torque in a small package. That includes: - Direct-drive industrial equipment - Robotics and machine automation - Next-generation electric mobility platforms The goal is to make these motors the new standard wherever performance and efficiency really matter. ### The Foxconn Partnership and What's Next This $38.4 million injection is all about scaling up. As co-founder Kester Goh explained, "The capital will primarily be used to industrialise Magnax’s axial flux motor portfolio and support high-volume production." The partnership is strategic. Foxconn, known for manufacturing giants like Apple's iPhone, brings an unparalleled manufacturing ecosystem to the table. Magnax gets to keep its brains in Belgium—their headquarters and R&D will stay put—while tapping into Foxconn's massive production capacity in China. They've even brought on a new CEO from China with deep international experience to help manage this global expansion. The new management team is so confident they're personally investing in the deal. Co-founder Daan Moreels sees this as a pivotal shift: "With Foxconn’s manufacturing scale... Magnax gains the operational foundation required to deploy axial flux motor technology across global markets." It's a move from being a brilliant engineering shop to becoming a global industrial player. This latest round adds to the $17.3 million they raised in 2020 and the $14.1 million from 2022, showing steady growth for their 30-person team. For Foxconn and Pan-International, it's a smart bet. It gives them a foothold in advanced electrification technology, positioning them for the next wave of industrial and mobility innovation. For the rest of us, it means more efficient, powerful, and compact electric motors might be coming to a product near you sooner than you think.