Belgium 10th largest scale-up country in Europe

January 8, 2022 | Bloovi Editorial Team |

 Start-up from Deinze raises 16 million euros in fresh capital

Automotive start-up Magnax , which saw the light of day in a garage in Deinze in 2015 and developed a revolutionary electric motor, raised no less than 16 million euros at the end of last year . In 2020, this accounted for one of the largest capital rounds in our country. The Series A financing round was led by the investment arm of Hirschvogel Automotive, a major German manufacturer of automotive parts. With this substantial financial injection, Magnax aims to prepare its technology for large-scale assembly in Hirschvogel’s production facilities.

The East Flemish company has three founders (Peter Leijnen, Daan Moreels, and Kester Goh), currently employs around 30 people , and made a pivot from wind energy to electric vehicles at the end of 2017.

“Tests showed that with our new prototype ( which weighs barely 25 kilograms; ed.) we can develop 2.5 times more power than a Tesla motor of the same weight . For production versions, that will easily be three times higher,” the co-founder told De Tijd late last year. “Due to its high efficiency, our motor is also capable of increasing a car’s range by up to 20 percent.”