U.S. aircraft leading company Boeing said Monday that its HorizonX Ventures, a venture arm of the aerospace giant, is investing in a start-up to develop next-generation battery for future electric flight.
Boeing said in a statement that its investment in Cuberg, the Berkeley, California-based start-up founded by former Stanford University researchers, aims to develop an advanced battery that could replace existing large-scale battery for lighter, more powerful and efficient properties needed in electric propulsion and planes.
Cuberg is working on an advanced battery cell that combines a lithium metal anode, proprietary electrolyte and high-voltage cathode to achieve high energy density and thermal durability.
"Cuberg's battery technology has some of the highest energy density we've seen in the marketplace, and its unique chemistries could prove to be a safe, stable solution for future electric air transportation," said Steve Nordlund, vice president of Boeing HorizonX.
Since it was established in April 2015, Cuberg has grown with several rounds of financing and grant funding, and signed a multimillion-U.S.-dollar joint development agreement with an industrial battery manufacturer.
"We are excited to partner with the world's largest aerospace company to extend Cuberg's battery capabilities to help power the aerospace platforms of the future," said Cuberg CEO Richard Wang.
This is Boeing HorizonX Ventures' first investment in an energy storage company whose battery components were considered much lighter and less flammable compared with current battery technology.
The Boeing HorizonX Ventures portfolio includes investments in autonomous systems technology, wearable-enabled technologies, augmented reality systems, hybrid-electric propulsion and artificial intelligence.
Chicago-based Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. It is a top U.S. aerospace exporter with customers in 150 countries across the world.