• 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.


    Janelle Bernales
    Boeing Communications
    Office: +1 425-965-6647
    Mobile: +1 206-265-2907

    Catherine Malek
    Office: +33 (0)1 40 60 80 28

    Heidi Shafer
    Electric Power Systems
    Phone: +1 435-999-0919

    SOURCE Boeing

    To view this release online and get more information about Boeing,
    visit: https://boeing.mediaroom.com/2019-09-17-Boeing-and-Safran-Invest-in-Electric-Power-Systems
    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

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