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703 Belgium’s Magnax secures €35.5 million with Foxconn backing to industrialise axial flux motor technology

EU-Startups
Rahul Raj @ EU-Startups · 04/06/2026 01:33 EDT

Belgium’s Magnax secures €35.5 million with Foxconn backing to industrialise axial flux motor technology

Magnax, a Kortrijk-based DeepTech company specialising in yokeless axial flux electric motor technology, has secured €35.5 million from Pan-International Industrial Corp., together with Foxconn Group and incoming management members, through a two-stage capital increase. The transaction has received foreign direct investment (FDI) approval. Upon completion, Pan-International will become Magnax’s largest shareholder. Pan-International Industrial Corp., a ...

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