Boeing and Safran have signed a joint investment agreement in Utah-based Electric Power Systems (EPS), a company offering a range of 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.
Brian Schettler, managing director of Boeing HorizonX Ventures"EPS' battery technology meets Boeing's high standards of safety and can enable significant cost savings for customers.
"This strategic investment accelerates the development of clean, quiet and safe urban air mobility solutions."
Earlier this year, Boeing HorizonX Ventures and Safran Corporate Ventures, the company's venture capital arm, 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.