Electric motor startup Foxtini forays into European market
- ByStartupStory | December 30, 2022
Based in New Delhi Foxtini, a New Delhi-based electric motor engineering startup, is one of the first in India to successfully commercialize the innovative Axial Flux BLDC electric motor using state-of-the-art soft magnetic composites.
The startup has created a line of cutting-edge electric motors for which it has received a multimillion Euro tech export order from an Italian company called Arihant s.r.l, which manufactures non-domestic cleaning machines.
The European electric motor market is now valued at US$ 22.32 billion, with a 3.7% CAGR since 2016. Furthermore, increased awareness of eco-conscious living across end-user verticals is accelerating demand for electric-powered machines for residential and industrial use. “The company has acquired a multimillion Euro deal with Arihant s.r.l, an Italian engineering company, based in Turin,” according to the Founders of Foxtini. “Italy being the fourth largest car market in Europe and with Italy’s sustainability licenses from renewable electricity to green buildings and smart grid technology one would expect this to be the watertight market for early EV adoption.
“Additionally with our Axial Flux BLDC electric motor featuring state-of-the-art soft magnetic composites the market for electric motor appliances and EV will see an unprecedented boom in the electric car market,” he added.
Globally, Europe has been a leader in the adoption of electric vehicles, owing to high consumer environmental awareness and supportive government legislation.
The region’s increased demand for electric vehicles has provided several opportunities, even for tiny firms producing high-tech electric motors. By 2024, the Indian electric motors market is expected to exceed US$ 2.08 billion. The anticipated market expansion may be attributable to the increasing number of industries and construction activities across the country, as well as a growing emphasis on the adoption of energy-efficient motors.
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