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Electric motor start-up Foxtini bags multimillion Euro deal from Italy’s Arihant
Industry News- Dec 28,22
Foxtini is one of the first companies in India to successfully commercialise the innovatory Axial Flux BLDC electric motor, which is believed to be an ideal option for electric vehicle
New Delhi,
The New Delhi-based Foxtini, an electric motor engineering start up, has bagged a multimillion Euro deal from Arihant s.r.l – the Italy based manufacturer of non-domestic cleaning machines. Foxtini is one of the first companies in India to successfully commercialise the innovatory Axial Flux BLDC electric motor featuring state-of-the-art soft magnetic composites and is believed to be the ultimate future of electric vehicle (EVs), specifically for electric aviation, due to their high torque to weight ratio.
The company has bagged the Arihant deal for a range of state-of-the-art electric motors. The European electric motor market is currently estimated at $ 22.32 billion, growing healthily at a CAGR of 3.7 per cent since 2016. Also, the growing awareness among the end-user verticals in relation to eco-conscious living is accelerating the demand for electric driven machineries, for household and industrial usage.
“We, at our company are elated to announce that we have acquired a multimillion Euro deal with Arihant s.r.l an Italian engineering company, based in Turin. Italy being fourth largest car market in the 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,” said Foxtini in a press release.
Globally, Europe has been the frontrunner in adopting electrical vehicles led by high environmental awareness among the consumers and the supportive government policies. The rising demand for electric cars in the region has created ample opportunities even for small players offering high tech electric motors. Indian electric motors market is projected to surpass $ 2.08 billion by 2024. Anticipated growth in the market can be attributed to increasing number of industries and construction activities across the country, in addition to growing focus towards adoption of energy efficient motors.
“The collaboration with Foxtini arrives at a very crucial juncture, as the world is now leaning towards green energy and sustainable future”. They added, “India is not only proving to be an exciting market but also turning into a hub for new innovations and designs. We see a great future for Foxtini, with their Axial Flux BLDC electric motor, which is one of a kind. Our goal is to have a relationship that accelerates growth and eco-friendly future,” stated Arihant s.r.l in the release.
Foxtini added, “Our motor technology has received considerable interest from prominent domestic companies. We are at advance phase of discussions with domestic EV manufacturers to embrace Foxtini’s drive train technology for electric 2 wheelers and 3 wheelers”.
Recently, Foxtini has also won the coveted “Uber Green Mobility Innovation Challenge and Crompton-Start-up India design challenge” (Energy Efficient Motor Technology) award. Foxtini was founded with a vision to design and build some of the world’s most advanced electric motors and the associated electronic components, thereby giving Indian industry the potential to achieve true Atmanirbharta in sectors as diverse as electric vehicles, home appliances, aerospace and defence.
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