Belgium-based electric vehicle motor producer Magnax has received €16m ($19.5m) from investors including Hirschvogel Ventures, the strategic investment arm of automotive components manufacturer Hirschvogel Automotive Group.
The round included family-owned holding group Vlerick Group, investor group Torus Capital and undisclosed individuals.
Magnax has developed an axial motor designed to be used in electric vehicles. It claims the motor will be able to provide more power than a traditional radial motor of similar size while requiring less materials to make and producing less CO2 emissions.
Magnax co-founder Daan Moreels said: “With this money, we will start up new developments, hire engineers and explore new markets.
“Even though we (will) cooperate closely with Hirschvogel, we stay in charge of the commercial matters. We do not exclude that for the production of motors for passenger drones – a niche market – we will call upon a different manufacturer.”