New Delhi-based Foxtini, an electric motor engineering startup from New Delhi, 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.
The startup has designed a range of state-of-the-art electric motors for which they have bagged a multimillion Euro tech export order from an Italian Arihant s.r.l, which manufactures non-domestic cleaning machines.
The European electric motor market is currently estimated at US$ 22.32B, growing healthily at a CAGR of 3.7% since 2016. Also, the growing awareness among the end-user verticals in relation to eco-conscious living is accelerating the demand for electric-driven machines for household and industrial usage.
According to the Founders of Foxtini “The company has acquired a multimillion Euro deal with Arihant s.r.l an Italian engineering company, based in Turin.” He added, “Italy being 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”.
Globally Europe has been the frontrunner in adopting electrical vehicles led by high environmental awareness among consumers and 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. The Indian electric motors market is projected to surpass US$ 2.08 billion by 2024. Anticipated growth in the market can be attributed to the increasing number of industries and construction activities across the country, in addition to growing focus towards the adoption of energy-efficient motors.
In the words of Arihant s.r.l, “The collaboration with Foxtini arrives at a very crucial juncture, as the world is now leaning towards green energy and sustainable future”.
They further said, “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”.
The Founders of FOXTINI said, “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”.
Source @Indianstartupnews
