Bell presenterer scalable Nexus på Solakonferansen i går - Foto: Per Gram
Boeing and Safran Invest in Electric Power Systems
-- Strategic investment will support on-demand mobility efforts, development of industrial base and advancement of battery technologies
CHICAGO, Sept. 17,
2019 /PRNewswire/
-- Boeing [NYSE: BA] and Safran [EPA: SAF] announced today a joint investment in
Electric Power Systems (EPS), a company offering
a suite of safe, certifiable and lightweight energy storage products that
provide high-quality power for aerospace and other markets.
The joint investment will help EPS
develop a highly automated industrial base capable of producing aviation-grade
energy storage systems at an unprecedented scale. The investment will also
support the advancement of technologies to further reduce the costs of battery
systems for electric airplanes.
"EPS' battery technology meets Boeing's
high standards of safety and can enable significant cost savings for customers,"
said Brian Schettler, managing director of Boeing HorizonX
Ventures. "This strategic investment accelerates the development of clean, quiet
and safe urban air mobility solutions."
"Safran will collaborate with EPS to
offer our customers electric or hybrid-electric propulsion systems with a level
of performance that sets us apart from competition," said Alain
Sauret, Safran Electrical & Power President. "This technology
cooperation is emblematic of Safran's strategy in greener propulsion solutions.
Safran is already at the cutting edge of this field, and we are proud to
accelerate through this investment."
Boeing HorizonX Ventures and Safran
Corporate Ventures jointly invested in EPS during this Series A funding round.
EPS is the second advanced battery solutions company to join the Boeing HorizonX
Ventures investment portfolio, following an investment in Cuberg, an advanced
lithium metal battery technology company, in 2018. Safran Ventures also recently
invested in OXIS Energy, a UK-based leader in lithium-sulfur cell technology for
high energy density battery systems.
"Electrification of flight has the
potential to fundamentally change how goods, services and humans connect. We are
thrilled to work with visionary companies such as Boeing and Safran to further
develop and field advanced energy solutions that can meet real world mission
demands," said Nathan Millecam, EPS chief executive officer.
Boeing is the world's largest aerospace
company and leading provider of commercial airplanes, defense, space and
security systems, and global services. As the top U.S. exporter, the company
supports commercial and government customers in more than 150 countries. Boeing
employs more than 150,000 people worldwide and leverages the talents of a global
supplier base. Building on a legacy of aerospace leadership, Boeing continues to
lead in technology and innovation, deliver for its customers and invest in its
people and future growth.
Safran is an international
high-technology group, operating in the aircraft propulsion and equipment, space
and defense markets. Safran has a global presence, with more than 92,000
employees and sales of 21 billion euros in 2018. Working alone or
in partnership, Safran holds world or European leadership positions in its core
markets. Safran undertakes Research & Development programs to meet
fast-changing market requirements, with total R&D expenditures of around
1.5 billion euros in 2018. Safran is listed on the Euronext Paris
stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices.
Safran Corporate Ventures is Safran's
venture capital arm, tasked with funding innovative technology businesses and
startups. Since being founded in April 2015, it has contributed
financing to 11 innovative companies active in sectors related to Safran's
businesses (Industry 4.0, onboard components, new materials, new services, new
flying platforms).
EPS is a privately held aerospace company
based in Logan, Utah leading in advanced energy storage systems
comprised of cells, power electronics, controls, software and thermal management
systems. The company supports a host of electric and hybrid electric airplanes
such as the NASA X-57, Bye eFlyer and Bell Nexus.
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