Belgium-based company that develops and manufactures electric motors based on axial flux technology, Magnax has raised €20 million in funding to accelerate its product development and expand support for customers and partners.
The round was led by BIG Capital, with participation from SFPIM. The startup had earlier raised €16 million in its Series A round in December 2020. It has now raised a total of €36 million to date.
Founded in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh, the mobility tech company is developing a new generation of electric motors that deliver three to four times higher power density than the electric motors that power today’s electric vehicles like Tesla Model 3 motors.
The company claims its patented motor technology has a high-power density and greater motor efficiency, which increases vehicle range (up to 20 per cent more) and uses less materials to produce a given power rating. According to the company, motor technology will also lower greenhouse gas emissions and help achieve climate goals quickly and provide an affordable and small option for electric cars.