Foxconn’s Pan-International invests €35.5M in Belgian axial flux motor maker Magnax

Foxconn’s Pan-International Industrial Corp, alongside Foxconn and new management co-investors, is set to invest €35.5 million in Belgian motor manufacturer Magnax, making Pan-International the company’s largest shareholder once the foreign direct investment is approved. Magnax specialises in yokeless axial flux motors, a design that positions magnetic flux parallel to the rotation shaft rather than radially, resulting in a more compact motor with higher torque and power density. This innovative approach also eliminates the iron stator yoke, reducing weight and core losses, which enhances overall motor efficiency. Founded in 2015, Magnax has previously raised €29 million through two funding rounds and currently employs 30 engineers in Belgium. The company operates Traxial, a subsidiary focused on e-mobility, and targets diverse sectors including electric vehicles, industrial drives, robotics, machine automation, and aerospace. The fresh capital injection is intended to support the industrialisation and scale-up of high-volume production, with headquarters and research and development remaining in Belgium. Manufacturing will be expanded in China, leveraging Foxconn’s extensive supply chain infrastructure and global customer network. Magnax’s cofounders emphasise the advantages of axial flux motors, highlighting their superior torque density and efficiency, which allow for lighter and smaller end products. These benefits translate into lower material consumption, reduced system costs, and decreased carbon emissions, making the technology particularly attractive for high-performance applications. The partnership with Foxconn is expected to provide the operational foundation necessary to bring axial flux motor technology to a broader international market. A new CEO from China, with significant international industrial experience, will be appointed to lead the commercial scaling phase, signalling a strategic shift towards global expansion. This move aligns with Foxconn’s manufacturing capabilities and industrial ecosystem, which will be instrumental in accelerating Magnax’s growth. The investment marks a significant step in advancing axial flux motor technology within the electric mobility and industrial sectors, potentially reshaping the competitive landscape for electric motors.