Boeing and Safran today announced a joint investment in Electric Power
From Larry Dighera@21:1/5 to All on Tue Sep 17 11:06:41 2019
News Release Issued: Sep 17, 2019 (11:00am EDT)
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
"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
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.