Hirschvogel Automotive invested in a $19.5m round for the the electric vehicle motor manufacturer in conjunction with a partnership agreement.
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…
