Belgium-based Magnax that develops motors for electric vehicles has closed €20 million in funding. The round saw participation from new investors – BIG Capital leading the round and SFPIM. With this round, the total funding raised by the company accounts for €36 million.
Prior to this round, Magnax secured €16 million in Series A funding led by Hirschvogel Ventures. The proceeds of this round will be used by Magnax to accelerate product development, grow the engineering team, and expand support for customers and partners.
How was Magnax born?
Founded in Berlin in 2015 by Peter Leijnen, Daan Moreels and Kester Goh, Magnax is dedicated to accelerating innovation in electric vehicle powertrains and aerospace propulsion systems through its yokeless axial flux technology.
Magnax started in a co-founder’s garage. Peter Leijnen built a prototype yokeless axial flux machine for a customer who needed a light generator for a wind turbine project. He later met his co-founders Daan Moreels and Kester Goh, who had experience building tech startups and working with venture capital, and the trio decided to focus on the electric vehicle market.
Develops powerful motors for EVs
Magnax claims their new generation of electric motors provide up to four times the power density of regular electric motors. Their mission is to speed up innovation in electric vehicle powertrains and aerospace propulsion systems with their yokeless axial flux technology.
There is no better motor topology currently in existence than the one featured in this machine. Its single-stator, dual-rotor axial flux motor is highly effective and efficient. It’s also the result of many innovative ideas, including direct cooling of the windings, high-speed rotors and automated manufacturing. Because of all these ideas combined, this machine has an exceptional ability to provide high power density with a high level of manufacturability.
By spinning off their technology in separate companies, the company hopes to commercialize and valorize their deep tech. Through SFPIM and BIG Capital, two new investors were added to the mix with a long-term vision for how valuable this tech could be in creating a sustainable world. The spinoff companies are Traxial, focused on ground-based eMobility, and Axyal, focused on aerospace propulsion systems.