Magnax raises €20m for axial flux “pancake” electric motors

Kortrijk, Belgium, August 23, 2022

Belgium-based Magnax, technology leader in axial flux electric motors, has closed a €20m funding round and adds two new investors: BIG Capital, who led the round, and SFPIM. With yokeless axial flux technology at its core, Magnax’s mission is to accelerate the innovation of EV powertrains and aerospace propulsion systems. The proceeds — which bring Magnax’s total capital raised to €36 million — will be used to accelerate product development, grow the engineering team, and expand support for customers and partners.

In the EV space, eMotor technology is also evolving rapidly. OEMs are recognizing the superior electric motor topology of axial flux (e.g. Mercedes acquisition of YASA Motors). Magnax’s patented single-stator, dual-rotor axial flux motor delivers the most effective and efficient motor topology known today. Additional innovations such as direct cooling of the windings, high-speed rotors, and automated manufacturing result in an exceptional combination of high power density and a high degree of manufacturability. With up to a 4x increase in volumetric torque density versus traditional “radial flux” electric motors, automotive and airframe developers can use the compact and thin “pancake” shape of Magnax’s axial flux motors to their competitive advantage.

 Armed with extraordinary test results, Magnax decided to valorize and commercialize their technology via two separate spin-off companies: Traxial, led by Marc Beulque and focused on ground eMobility, and Axyal which focuses on aerospace propulsion systems. With BIG Capital and SFPIM, Magnax has two new investors on board with a long-term vision on how valuable deep tech can help build a sustainable world. 

About BIG Capital

BIG Capital is the venture arm of Bitexco, a leading multidisciplinary group in healthcare, energy, telecom, space, and more, with presence in Southeast Asia, Europe, and North America. Bitexco’s Chairman is Mr. Vu Quang Hoi, Vietnamese business mogul and successful visionary.

 About SFPIM

The Federal Holding and Investment Company (Société Fédérale de Participations et d’Investissement (SFPI) in French or Federale Participatie- en Investeringsmaatschappij (FPIM) in Dutch) is the Belgian Sovereign Wealth Fund. SFPI-FPIM acts as a trusted partner in helping Belgian companies, SME as well as scale-ups, to become a reference in their industry by providing smart capital solutions. SFPI-FPIM also plays a major role to safeguard the long-term stability of the Belgian economy by contributing to the anchoring of strategic assets through smart capital solutions in both promising and established companies or ecosystems. SFPI-FPIM invests in a wide range of companies and sectors embracing both historical sectors (such as life sciences & healthcare, finance and aeronautics) as well as new and thriving sectors (such as energy & utilities, transport & mobility and impact investing). SFPI-FPIM has about 8,9 bln in assets under management for the Federal State.

About Magnax

Magnax is a Belgium-based developer of yokeless axial flux motor technology. Founded in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh, Magnax valorizes the yokeless axial flux motor technology via spin-off companies Traxial www.traxial.com (axial flux motors for automotive) and Axyal www.axyal.com (axial flux propulsion systems for aerospace). In December 2020, Magnax secured a €16m series A funding round led by Hirschvogel Ventures. Participating investors included Torus VC, Vlerick Group, and several “business angels” such as the well-known professional footballer Dries Mertens.