Boeing [NYSE: BA] has announced it has partnered with Safran (EPA: SAF) to make a joint investment in Electric Power Systems (EPS), a company offering a suite of energy storage products that power the aerospace market, the company said.
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.
Safran will collaborate with EPS to offer customers electric or hybrid-electric propulsion systems.
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.
Boeing is an aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top US exporter, the company supports commercial and government customers in more than 150 countries.
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.
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.