Foxconn invests €35.5m to take control of Belgian axial-flux firm
7 April 2026 
The Taiwanese electronics and wiring harness producer Pan-International Industrial – a member of the Foxconn Group – is investing €35.5m in the Belgian axial-flux motor developer, Magnax, giving it a controlling 52% stake in the business.
For Magnax, the deal marks a transition from being an advanced engineering developer to becoming an industrial-scale supplier capable of volume production. For Pan-International, it will launch a transformation aimed at making it a leader in the humanoid robot component market, with the goal of achieving a 5% market share by 2030.
Magnax’s headquarters and R&D will stay in Belgium. High-volume production will be established in China, taking advantage of the Foxconn Group’s global supply chain strengths, manufacturing infrastructure, and access to customers. The deal is said to combine European motor innovation with Asia’s industrial manufacturing capabilities, positioning Magnax’s axial-flux technology for global adoption.
As part of the transaction, Magnax has appointed a new CEO from China with extensive experience in Europe. The incoming management team is co-investing in the transaction.
Magnax earlier raised €16m of investment (in 2020) and €13m (in 2022). It has a team of 30 people.
“The capital will primarily be used to industrialise Magnax’s axial-flux motor portfolio and support high-volume production,” explains Magnax’s co-founder, Kester Goh. “This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem.”
Magnax, founded in 2015, develops yokeless axial-flux electric motors for high-performance industrial and electrification applications. Its high-torque-density and high-efficiency motors can be used in industrial drives, electric vehicles, machine automation, robotics and aerospace. Magnax has a subsidiary called Traxial that focuses on e-mobility applications.
“Axial-flux motors have a fundamentally better value proposition in several high-performance use cases,” says Magnax co-founder, Peter Leijnen. “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.”
Axial flux motors are particularly suitable for:
- direct-drive or geared industrial drives;
- robotics and machine automation; and
- high-efficiency transport applications.
“This is a new and important phase for Magnax,” says Maganx’s third co-founder, Daan Moreels. “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 broader Foxconn Group, the investment strengthens their expansion into advanced technologies for applications such as:
- AI infrastructure (data centre thermal management);
- robotic systems;
- electric vehicles;
- high-efficiency industrial drives; and
- machine automation
Foxconn executive Li Guangyao says the investment marks a significant milestone for Pan-International, transforming it from being a precision component manufacturer into a platform-based enterprise capable of supplying complete chains from harnesses, to motors and joint actuators for robots. The company is aiming to create a complete humanoid robot ecosystem, upgrading its portfolio from wiring harnesses to high-margin components and integrated modules.
Guangyao expects annual revenues to expand at a rate of more than 20% from 2026 onwards, and to capture 5% of the global humanoid robot market by 2030. By that time, it will be able to supply 25-50% of the components needed for these robots. He predicts that the humanoid market will represent more than half of Pan-International’s revenues and profits by the end of this decade.
Guangyao points out that Magnax’ axial-flux motors have two to three times the power density of traditional radial-flux machines, allowing volumes and weights to be reduced by a third for the same power. The motors can maintain an efficiency of more than 95% over a wide speed range.
Magnax: LinkedIn
