Electric Motor Start-up Foxtini Lands Multimillion Euro Deal from Arihant s.r.l.
#Foxtini #ElectricMotor #ArihantThe Indian electric motors market is projected to surpass US$ 2.08B 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.
January 2023: Foxtini, an electric motor engineering start-up from New Delhi, one of the first companies in India to successfully commercialize the innovative Axial Flux BLDC electric motor featuring state of the art soft magnetic composites. The company has designed a range of state-of-the-art electric motors for which they have bagged a multimillion Euro tech export order from Italy based 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 percent 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 Founders of Foxtini “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.” He added, “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.”
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. The Indian electric motors market is projected to surpass US$ 2.08B 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.
In the words of Arihant s.r.l official statement, “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 an eco-friendly future”.
Founders of Foxtini further added, “Our motor technology has received considerable interest from prominent domestic companies. We are in an advanced phase of discussions with domestic EV manufacturers to embrace Foxtini’s drive train technology for electric 2 wheelers and 3 wheelers.”
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