Boeing and Safran announced a joint investment in Electric Power Systems (EPS), to offer enhanced aviation-grade energy storage systems.
Boeing and Safran invest in Electric Power Systems (EPS) to provide high quality power to the aerospace field as well as other markets. The joint investment will help EPS develop a highly automated industrial base capable of producing aviation-grade energy storage systems at a large 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.
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.