Pan-International and Partners Invest €35.5 Million to Industrialize Belgian Axial Flux Motor Technology
Kortrijk, Belgium — March 16, 2026
Pan-International Industrial Corp., together with Foxconn Group and incoming management members, will jointly invest €35.5 million in Belgian deep-tech company Magnax through a two-stage capital increase.
The transaction has received foreign direct investment (FDI) approval. Upon completion, Pan-International will become Magnax’s largest shareholder.
The investment marks Magnax’s transition from advanced engineering company to industrial-scale technology supplier.
From Engineering Breakthrough to Industrial Scale
Founded in 2015 by Peter Leijnen, Daan Moreels and Kester Goh, Magnax develops yokeless axial flux electric motors for high-performance industrial applications and next-generation electrification platforms. The technology can be applied in electric vehicles, industrial drives, machine automation, robotics and aerospace.
Magnax also operates Traxial, a 100% subsidiary focused on e-mobility applications.
Since inception, the company raised €16 million (2020) and €13 million (2022) and developed the technology with a team of 30 people in Belgium.
The new capital is dedicated to industrialization and high-volume deployment.
“The capital will primarily be used to industrialize Magnax’s axial flux motor portfolio and support high-volume production,” said Kester Goh, cofounder of Magnax.
“This partnership bridges European motor innovation with Asia’s largest advanced manufacturing ecosystem.”
Magnax headquarters and R&D will remain in Belgium. High-volume production will be deployed in China, leveraging the Foxconn Group’s global supply chain, manufacturing infrastructure and customer access.
A Fundamentally Superior Motor Architecture
Axial flux motors represent a technological departure from conventional radial flux machines.
“Axial flux motors have a fundamentally better value proposition in several high-performance use cases,” said Peter Leijnen, cofounder of Magnax. “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.”
The architecture is particularly suited for:
Direct-drive or geared industrial drives
Robotics and machine automation
High-efficiency electrification applications such as eMobility.
Leadership for Global Deployment
As part of the transaction, Magnax appointed a new CEO from China with a long international career at a global industrial technology conglomerate, including extensive experience in Europe. The incoming management team is co-investing in the transaction, reinforcing long-term alignment.
“This is a new and important phase for Magnax,” said Daan Moreels, cofounder of Magnax.
“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.”
Strategic Expansion for Pan-International
For Pan-International and the broader Foxconn Group, the investment strengthens expansion into advanced electrification technologies supporting:
AI infrastructure (datacenter thermal management)
Robotics systems
Electric vehicles
High-efficiency industrial drives
Machine automation
The collaboration integrates European motor innovation with Asia’s industrial manufacturing leadership, positioning axial flux technology for global adoption.
About Magnax
Magnax is a Belgian deep-tech company founded in 2015, specializing in yokeless axial flux electric motor technology. The company develops high torque density and high-efficiency motor technology for industrial and advanced electrification applications. Magnax also operates Traxial, a 100% subsidiary focused on e-mobility applications.
Websites: www.magnax.com www.traxial.com
About Pan-International Industrial Corp.
Pan-International Industrial Corp., a member of Foxconn Group, is a Taiwan-based manufacturer of wiring harnesses, printed circuit boards and precision electronic components.
The company is expanding into advanced electrification and automation technologies serving AI infrastructure, robotics and electric mobility markets.
