Pan-International Industrial Corp, Foxconn, and incoming management co-investors invest €35.5 million in Magnax

Pan-International Industrial Corp, a member of the Foxconn Group, along with Foxconn and incoming management co-investors, committed €35.5 million in Belgian motor company Magnax. The investment will make Pan-International Magnax’s largest shareholder following FDI approval and transaction completion. Magnax develops yokeless axial flux motors, a design that delivers higher torque and power density than traditional radial flux machines while reducing weight and core losses. The company, founded in 2015 and previously backed by €29 million across two earlier rounds, employs 30 engineers in Belgium and operates Traxial, a subsidiary focused on e-mobility. The new capital will fund industrialization and high-volume production, with Magnax’s headquarters and R&D remaining in Belgium while volume manufacturing shifts to China using Foxconn’s supply chain infrastructure. A new CEO from China with extensive industrial experience will lead the commercial scaling phase.

Counterparts (3)

Developer

Magnax

company

Belgian technology company specializing in yokeless axial flux electric motor technology, with applications across multiple industries including infrastructure. Operates from a single office in Kortrijk, Belgium.

Investor

Foxconn

company

Foxconn, officially Hon Hai Technology Group, is the world's largest electronics manufacturing services (EMS) provider. While primarily known for manufacturing, it actively invests in and develops its own large-scale industrial infrastructure, data centers, and electric vehicle (EV) manufacturing facilities globally, often through joint ventures and strategic partnerships. The company also focuses on smart manufacturing, smart cities, and sustainable energy solutions for its operations.

Pan-International Industrial Corp

company