Boeing HorizonX Ventures and Safran Corporate Ventures say they’ve made a joint investment in Utah-based Electric Power Systems, a company whose energy storage products are blazing a trail for electric airplanes.
It’s the latest tie-up for Boeing and Safran, which have partnered up in such ventures as Initium Aerospace, a manufacturer of auxiliary power units for airplanes; and MATIS Aerospace, a company in Morocco that produces wiring products for several airframe and engine companies.
The size of the Series A funding round was not disclosed, but Boeing HorizonX’s investments typically range from millions of dollars to the low tens of millions of dollars.
Representatives of both companies said the funding will help Electric Power Systems develop a highly automated industrial base capable of producing aviation-grade energy storage systems, and advance technologies aimed at reducing the cost of battery systems for electric airplanes.
