H55 IS THRILLED TO ANNOUNCE DISCUSSIONS REGARDING THE GOVERNMENT OF QUEBEC'S INVESTMENT IN H55

News provided by

May 21, 2024, 10:05 ET

SION, Switzerland, May 21, 2024 /PRNewswire/ -- H55, a pioneer in electric aviation technologies, is thrilled to announce the intention of the Governement of Québec to invest in equity in H55. Led by Investissement Québec, a key driver of economic development in Quebec, this investment would mark a major milestone in H55's journey to bring certified electric propulsion solutions to North America, supporting the company's production ramp-up and research and development activities. This investment in H55 would be in line with Government's plans to establish a new innovation zone, Espace Aéro, focusing on the aerospace industry.

Headquartered in Switzerland, H55 leads the way in electric aviation, specializing in certified electric propulsion, battery storage, and energy management solutions. With a steadfast commitment to safety, performance, and sustainability, the company is enabling the aviation industry to achieve net zero emissions, offering cutting-edge technologies for a greener and more efficient future of air travel.

This significant development follows several recent announcements, driving growth momentum for H55. In late March, H55 announced European Union Aviation Safety Agency's (EASA) approval of its Compliance Check List for its electric motor, battery packs, and energy management systems, making it the first company to meet all requirements for the entire Electric Propulsion System (EPS). Regulatory engagements with the FAA and Transport Canada are underway to expedite North American Type Certification.

H55 Canada, located in the Greater Montreal region in Longueuil, will serve as the primary hub for H55's North American manufacturing operations. Equipped with a state-of-the-art facility, initial battery pack production is set to commence in late 2024. H55 Canada will continue to collaborate on product development and engineering customization with key customers, including Pratt & Whitney Canada, CAE, and Harbour Air.

Investissement Québec's investment would represent a pivotal moment in H55's journey, providing financial support to scale up North American production, engineering, and research and development activities. This strategic partnership would underscore Québec's dedication to fostering innovation in aerospace, reinforcing its position as a hub for cutting-edge technological advancements in sustainable aviation, and accelerating H55's ambitions in Canada and the USA.

Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for de Metropolis and the Montréal Region, stated : "Today's announcement is an excellent demonstration of our commitment to developing Québec's economy. With the arrival of a key player like H55, our ecosystem will be stronger than ever."

Expressing gratitude for the Government of Québec's steadfast support, André Borschberg, Co-Founder and Executive Chairman of H55, emphasizes, "Invest Québec's investment in H55 would accelerate our operational expansion in Québec." Emphasizing the Aerospace Innovation Zone's dynamic environment, he adds, "This zone offers unparalleled opportunities, uniting companies and academic institutions aligned with our vision of revolutionizing aviation paradigms. We are honored to be chosen by the Government to play a pivotal role in shaping Québec into a leading global hub for clean aviation."

In response to the investment intentions, H55's CEO, Martin Larose expressed enthusiasm, stating, "We would be delighted to welcome Invest Québec as a valued strategic partner. This investment would mark a key moment in our journey, empowering us to expedite scaling up production, propelling our research and development endeavors, and bolstering our ongoing customer initiatives in Canada alongside PW&C, CAE, and Harbour Air. Having the Government of Québec onboard provides all the right prerequisites in positioning H55 as a leader in sustainable aviation".

Furthermore, H55 and the Government of Québec will partner closely to foster innovation around battery technologies and sustainable energy solutions. Leveraging its abundance of clean energy resources, Québec aims to promote clean energy storage solutions and support the transition to a low-carbon energy system. This investment represents a significant development for H55, propelling the company forward in its goal of revolutionizing the aviation industry through sustainable innovation. With the Government of Québec's funding, H55 would be poised to make even greater strides in advancing the future of flight.

For more information about H55 and its groundbreaking electric propulsion technology, please visit www.h55.ch.

About H55

H55 is a Swiss-based company founded and led by the former Solar Impulse management team, André Borschberg, Sebastien Demont and Gregory Blatt. H55's mission is to revolutionize the aviation industry by providing certified electric propulsion and battery management systems tailored to a diverse range of aircraft to achieve sustainable air travel. Through a commitment of providing certified solutions and its pioneering legacy, the H55 team of visionary engineers and aerospace experts is at the forefront of driving the aviation industry toward a more environmentally responsible future, setting new standards, and pushing the boundaries of what is possible in electric aviation.

For more information [email protected], T: +41 79 464 22 60

Logo - https://mma.prnewswire.com/media/2345318/H55_Logo.jpg

SOURCE H55 SA