Boeing Awards Solace Power Significant New Contract to Develop Wireless Power Solution

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Aug 19, 2021, 10:04 ET

Solace Power celebrates 6^th Contract To-Date with Boeing; Represents the Largest Contract in Company History

MOUNT PEARL, NL, Aug. 19, 2021 /PRNewswire/ - Solace Power Inc. ("Solace Power" or the "Company"), a world leader in high performance wireless power technology, is proud to announce a significant new contract with its customer Boeing. Known for its dynamic wireless power platform, Equus, the Company will enable new capabilities for Boeing by providing reliable, truly decoupled power and data solutions.

"This is an exceptionally exciting time in the history of Solace Power," said Neil Chaulk, CEO of the Company. "We are fortunate to again be able to partner with our customer Boeing to deliver a flight qualified product based on our revolutionary wireless power transfer technology."

A supplier to Boeing since 2015, Solace was recognized in 2018 with a Silver Boeing Performance Excellence Award for distinguished performance.

"Solace's customer focus, demonstrated so broadly across all our Canadian partnerships, is highly valued by Boeing and relied upon by our global customers," said Mike Woodward, vice president of International Strategic Partnerships, Boeing Defense, Space and Security. "It's the primary reason the Boeing relationship with Canada extends far beyond the supply chain, and enables sustainable growth opportunities for Canadian industry."

Today's announcement represents the largest contract in the Company's history, and follows the beginning of Solace's process to seek strategic partners, announced in June 2021. In collaboration with the Company's strategic advisor, Clariti Strategic Advisors Inc. ("Clariti"), Solace Power is seeking one or more strategic partners to assist the Company in achieving its rapid expansion aspirations, aiming to achieve growth and penetration of its addressable markets.

"Our process with Clariti has continued through the summer, and a number of exciting conversations with potential strategic investors are now underway," said Mr. Chaulk. "We are excited to continue to explore possibilities with these parties who could potentially enable us to rapidly commercialize our technology in a short period of time."

About Solace Power
Solace Power is a leading developer of intelligent wireless power-based solutions featuring proximity sensing and data. Our patented Resonant Capacitive Coupled (RC²) technology provides industrial grade, decoupled power for a world of new, previously unachievable applications across automotive, defense, medical, industrial automation and telecommunication. Solace Power is proud to have won the Boeing Silver Level Performance Excellence Award and Deloitte's Technology Fast 50™/Companies-to-Watch.

About Boeing
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.

About Clariti Strategic Advisors
Clariti Strategic Advisors Inc. is a leading Toronto-based independent strategic and investment banking advisory firm.

SOURCE Solace Power