Belgium’s Magnax Raises €35.5M With Foxconn Support To Scale Axial Flux Motor Technology

Following regulatory approval, Pan-International will become the largest shareholder.

Founded in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh, Magnax develops high-performance motors for applications including electric vehicles, robotics, and aerospace.

Its patented axial flux technology offers higher power density, compact design, and improved efficiency compared to traditional motors.

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The company will retain its headquarters and R&D in Belgium, while scaling production in China using Foxconn’s manufacturing capabilities.

“The capital will primarily be used 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,” said Kester Goh, co-founder of Magnax.

“Axial flux motors have a fundamentally better value proposition in several high-performance use cases. Their high torque density and efficiency enable customers to reduce weight and size of their end products. Lower material usage and higher efficiency translate directly into lower system cost and reduced carbon emissions ” said Peter Leijnen, co-founder of Magnax.

About Magnax

Magnax develops next-generation yokeless axial flux motor technology, applying it across multiple industries. The company strengthens its impact through strategic investments in subsidiaries, each targeting specific markets. One such venture, Traxial, focuses on advancing ground-based electric mobility solutions.