Kortrijk, Belgium and Taipei, Taiwan, April 2026 — Magnax, a Kortrijk-based deep-tech company specialising in yokeless axial flux electric motor technology (“Magnax”), has secured €35.5 million from Pan-International Industrial Corp. (“Pan-International”), 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 member of Foxconn Group, is a Taiwan-based manufacturer of wiring harnesses, printed circuit boards and precision electronic components.

Magnax’s Technology – Founded in 2015 by Peter Leijnen, Daan Moreels and Kester Goh, Magnax develops yokeless axial flux electric motors for high-performance industrial applications and next-generation electrification platforms. The technology can be utilised in electric vehicles, industrial drives, machinery automation, robotics and aerospace applications. Magnax valorises and commercialises its patented yokeless axial flux technology via separate spin-off companies: Traxial, focused on ground e-mobility applications, and Axyal, focused on aerospace propulsion systems. The company states that axial flux technology offers numerous advantages over traditional radial flux electric PM motors, providing substantially higher power density, allowing for greater range, lighter motors and more compact sizes, and opening up a wider range of flexible options for powertrain design. Magnax highlights that its yokeless axial flux motor technology uses a pancake-shaped, space-efficient design topology, allowing e-mobility innovators to develop and launch more compact and efficient powertrain solutions. The architecture is especially suitable for direct-drive or geared industrial drives, robotics and machine automation, and high-efficiency electrification applications such as e-mobility.

Peter Leijnen, Co-Founder of Magnax, commented: “Axial flux motors have a fundamentally better value proposition in several high-performance use cases. Their high torque density and efficiency enable customers to reduce weight and size of their end products. Lower material usage and higher efficiency translate directly into lower system cost and reduced carbon emissions.”

Kester Goh, Co-Founder of Magnax, added: “The capital will primarily be used to industrialise Magnax’s axial flux motor portfolio and support high-volume production. This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem.”

Daan Moreels, Co-Founder of Magnax, noted: “This is a new and important phase for Magnax. With Foxconn’s manufacturing scale and industrial ecosystem, Magnax gains the operational foundation required to deploy axial flux motor technology across global markets. The partnership accelerates the company’s transition from engineering innovation to large-scale industrial deployment.”

For Pan-International and the wider Foxconn Group, the investment enhances expansion into advanced electrification technologies that support AI infrastructure (such as data centre thermal management), robotics systems, electric vehicles, high-efficiency industrial drives and machine automation.

Key Transaction Terms and Structure

• Investment Size: €35.5 million, subscribed by Pan-International Industrial Corp., together with Foxconn Group and incoming management members, through a two-stage capital increase.
• Shareholding: Upon completion, Pan-International will become Magnax’s largest shareholder.
• Regulatory Status: The transaction has received foreign direct investment (FDI) approval.
• Operational Footprint: Magnax’s headquarters and R&D will remain in Belgium, while high-volume production will be deployed in China, using Foxconn Group’s supply chain, production infrastructure and customer access.
• Leadership: As part of the transaction, Magnax appointed a new CEO from China with extensive international experience at a global industrial technology conglomerate, including considerable time working in Europe. The new management team is co-investing in the deal.

Advisors – ARC Group Limited acted as exclusive financial advisor to Magnax.

About Magnax

Magnax is a Kortrijk-based deep-tech company founded in 2015 by Peter Leijnen, Daan Moreels and Kester Goh, specialising in yokeless axial flux electric motor technology for high-performance industrial applications and next-generation electrification platforms. The technology can be utilised in electric vehicles, industrial drives, machinery automation, robotics and aerospace applications. Magnax has a team of 30 people in Belgium and has previously raised €16 million in 2020 and €13 million in 2022. The company commercialises its patented technology via separate spin-off companies: Traxial, focused on ground e-mobility applications, and Axyal, focused on aerospace propulsion systems.

About Pan-International Industrial Corp.

Pan-International Industrial Corp. is a Taiwan-based manufacturer of wiring harnesses, printed circuit boards and precision electronic components, and a member of the Foxconn Group. The company is expanding into advanced electrification and automation technologies serving AI infrastructure, robotics, and electric mobility markets.

About Foxconn Group

Foxconn Group (Hon Hai Technology Group) is a Taiwan-headquartered global leader in electronics manufacturing services, with operations spanning consumer electronics, cloud and networking infrastructure, electric vehicles, industrial automation and advanced electrification technologies.

For additional information on the transaction, please see:

• Pan-International Industrial Corp. corporate disclosure: www.panintl.com
• EU-Startups coverage: Belgium’s Magnax secures €35.5 million with Foxconn backing to industrialise axial flux motor technology

For more information or any questions, please contact:

Valentin Ischer
Partner
[email protected]