Boeing Invests $10.3 Million CAD in Solace Power Inc.

French release can be found here.

• Newfoundland and Labrador-based company to grow its workforce and establish new production facility
• Investments build on more than $2 billion in P-8 contracts with Canadian companies

MOUNT PEARL, Newfoundland and Labrador, Jan. 23, 2025 – Boeing [NYSE: BA] has invested $10.3 million to benefit Solace Power Inc. to expand its aerospace footprint and bolster economic growth in Atlantic Canada. The strategic investment is part of Boeing’s Industrial and Technological Benefits (ITB) commitment to Canada for its selection of Boeing’s P-8A Poseidon to fulfill its long-range multi-mission aircraft role.

“Boeing’s investment ignites a new era of growth, enabling Solace Power to gain access to markets and customers worldwide while benefitting local communities,” said Neil Chaulk, Solace Power’s CEO. “Boeing and Solace Power have a shared commitment to customer-centric innovation.”

Solace Power, a global leader in high-performance, industry-leading wireless power technology, will establish a Surface Mount Technology (SMT) local production facility in Newfoundland and Labrador with Boeing’s investment. SMT is a means for applying electronic components directly onto the surface of printed circuit boards for use in commercial, defence, aerospace and adjacent markets. The funding will nearly double Solace Power’s local workforce in support of the expansion that also includes support for the company’s entry into related industries such as automotive and telecommunications sectors.

“Boeing’s investment in Solace Power underscores the Canadian government’s commitment to advancing Canadian innovation and economic prosperity,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry. “By helping Solace Power establish a first-of-its-kind SMT production facility in Newfoundland, Boeing is enhancing Canadian aerospace capability and creating high value jobs in Atlantic Canada. Through the application of the ITB policy, we are ensuring Canada remains a global leader in the aerospace industry.”

“Our Canadian defence industry is critical to our security and to our economy. The Government of Canada’s ITB policy ensures that when we award contracts to companies like Boeing, they reinvest a portion of those funds into Canadian companies and industry,” said the Honourable Bill Blair, Canada’s Minister of National Defence. “I’m pleased that Solace Power, an Atlantic success story, will be receiving this well-deserved investment through the policy.”

“The aerospace sector is a key part of our economy and supports good middle-class jobs for Canadian workers across the country,” said the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant. “Major defence procurement projects allow us to not only strengthen the operational capabilities of our armed forces, but also ensure that companies in the Canadian supply chain can get significant economic benefits, including in Atlantic Canada. This $10.3 million investment further consolidates our industry’s position as a global leader of innovation and technology.”

The Government of Canada announced its decision to acquire the P-8A Poseidon aircraft in November 2023 as part of the Canadian Multi-Mission Aircraft project. Boeing’s investments build on more than $2 billion in P-8 contracts with Canadian companies to date, contributing jobs and economic growth across the country. According to an independent study by Ottawa-based Doyletech Corporation, the purchase will generate benefits of nearly 3,000 jobs and $358 million annually in economic output to Canada.

“Canada’s selection of the P-8A Poseidon enhances the Canadian Armed Forces’ capabilities while providing a significant boost to Atlantic Canada’s economy,” said Al Meinzinger, president of Boeing Canada. “With $34 million per year in expected economic benefits and the creation of more than 340 jobs stemming from the acquisition of the aircraft in the Atlantic region, Boeing’s collaboration with local businesses is set to drive innovation and growth across eastern Canada.”

The P-8 ITB Program will benefit over 260 companies across Canada, delivering vital supply chain, research and development, and skills development opportunities nationwide. Boeing has successfully completed more than $15.5 billion CAD in ITB programs over the past 40 years.

“Solace Power is a world leader in developing wireless power technology and this investment by Boeing reflects the value of the technology and innovation Solace has to offer,” said the Honourable Andrew Parsons, KC, Newfoundland and Labrador’s Minister of Industry, Energy and Technology. “I look forward to seeing the company grow its aerospace footprint and bolster economic growth for the region. Boeing’s investment will lead to workforce growth locally, creating positions for highly skilled workers in this competitive sector.”

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As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity. Learn more at www.boeing.com.