Boeing and Safran have jointly invested in Electric Power Systems (EPS), a supplier of certifiable and lightweight energy storage products for aerospace and other markets.

This investment will aid EPS in developing an automated industrial base to produce aviation-grade energy storage systems at an ‘unprecedented scale’.

It will also help in the development of technologies that will reduce the costs of battery systems for electric airplanes.

Boeing HorizonX managing director Brian Schettler said: “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.”

The companies invested jointly in EPS during a Series A funding round.

Safran electrical and power resident Alain Sauret said: “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 the competition.”

EPS is the second advanced battery solutions company to join Boeing HorizonX Ventures’ investment portfolio, after the latter invested in advanced lithium metal battery developer Cuberg last year.

Last year, Safran invested in OXIS Energy, a UK-based company that provides lithium-sulfur cell technology for high-energy density battery systems.

EPS CEO Nathan Millecam said: “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.”