Belgian automotive startup Magnax has raised €16 million in Series A funding to fuel development of its electric motor technology. The round was led by Hirschvogel Automotive, a large manufacturer of automotive components, through its investment arm Hirschvogel Ventures. The Magnax team is preparing the technology for mass production at a subcontractor facility in Germany.
The company claims its motors deliver 3-4 times higher power density than the electric motors currently on the market, powering today’s electric vehicles. Magnax says the motors are also more cost-effective and compact.
The technology is based on a concept already known 200 years ago, a motor topology called “axial flux”, but which is just recently coming into play in a practical way, says the startup.
Fittingly, Magnax began in the founder’s garage. In 2015 Peter Leijnen built a prototype of a yokeless axial flux machine for a customer who needed a light generator for a wind turbine project. After that he met his co-founders Daan Moreels and Kester Goh, who had experience with rolling out tech startups and working with venture capital, and the three decided to pivot to the electric vehicles market.
Other backers in this funding round include Vlerick Group, Torus Capital and a few business angels.
Photo: Magnax co-founders Kester Goh, Peter Leijnen and Daan Moreels