Millions injected into Magnax: from engineering to mass production
April 10, 2026 | Belgian deep-tech player Magnax is making the leap from engineering to industrial scale. With an investment of €35.5 million from Pan-International Industrial Corp. and partners from the Foxconn Group ecosystem, the technology for axial flux motors is getting a global rollout.
The capital injection marks a turning point: whereas Magnax has focused on technology development until now, the focus is shifting to large-scale production and market implementation.
From R&D to production platform
Magnax was founded in 2015 by Peter Leijnen , Daan Moreels , and Kester Goh . With a team of approximately 30 employees, the company has spent the past few years building a fundamentally different electric motor architecture: the so-called yokeless axial flux motor.
This technology distinguishes itself through higher power density and efficiency compared to traditional radial motors. This enables more compact designs with reduced material usage — crucial in applications where weight, energy consumption, and space are limiting factors.
The new investment follows previous rounds of €16 million (2020) and €13 million (2022) and is explicitly intended to take the step towards industrialization.
Production shifts to Asia
Although the headquarters and R&D activities remain in Belgium, large-scale production is being relocated to China. In doing so, Magnax utilizes Foxconn ‘s production capacity, supply chain, and market access .
That choice illustrates a familiar pattern in deep tech: innovation in Europe, scaling up in Asia.
According to co-founder Goh, that combination is essential: a European technological lead coupled with Asian manufacturing capacity. It enables Magnax to scale up faster and serve customers worldwide.
Breakthrough of axial flux motors
Axial flux motors have long been considered promising, but have until now remained limited to niche applications. The step towards industrial production could change that.
The benefits are concrete:
- higher torque density
- more compact design
- higher energy efficiency
- lower system costs and CO₂ emissions
That makes the technology interesting for a wide spectrum of applications: industrial drives, robotics and mechanical engineering, electric vehicles, and aerospace applications.
Through its subsidiary Traxial, Magnax focuses specifically on e-mobility, a market where efficiency and weight directly impact performance and range.
New phase, new leadership
Parallel to the investment, Magnax is getting a new CEO with an international background in industrial technology from China. The new management is also investing themselves, which underscores the long-term commitment.
For co-founder Moreels, this marks a new phase: from technology company to industrial player.
Strategic move by Foxconn
For Pan-International and Foxconn, the investment fits into a broader strategy to expand towards advanced electrification and automation.
The applications are broad: AI infrastructure (such as data centers), robotics, electric mobility, and industrial automation.
In doing so, Foxconn is explicitly moving outside its traditional role as a contract manufacturer towards that of a systems and technology partner.
Significance for the manufacturing industry
The Magnax case touches upon a number of fundamental themes in the European manufacturing industry:
1. Industrialization gap
Europe excels in R&D, but often lacks the scale to industrialize technology itself.
2. Supply Chain Collaboration
Successful scaling up requires close collaboration between technology developers and production partners.
3. Strategic autonomy
Dependence on Asian production capacity remains a source of tension, particularly in critical technologies.
At the same time, this investment shows that European innovations can indeed have a global impact — provided they are linked to the right industrial ecosystems.
From promise to market
With the new funding, Magnax stands at the beginning of the most difficult phase: realizing the promise on an industrial scale.
The coming years will show whether axial flux motors actually break through in mass applications. But one thing is clear: the technology now has the financial and industrial basis to take that step.
Magnax is a Belgian deep-tech company, founded in 2015, specializing in so-called yokeless axial flux electric motors. The company develops motors with high torque density and efficiency for industrial applications and advanced electrification. Magnax is also the owner of Traxian, a wholly owned subsidiary focused on e-mobility.
Pan-International Industrial Corp., part of the Foxconn Group, is a Taiwan-based manufacturer of wiring harnesses, printed circuit boards, and precision electronics. The company is expanding its operations into advanced electrification and automation technologies, with applications in AI infrastructure, robotics, and electric mobility.