Boeing has invested $10.3 million in Newfoundland-based Solace Power to expand its aerospace presence and foster economic growth in Atlantic Canada.
This strategic investment is part of Boeing’s Industrial and Technological Benefits (ITB) commitment to Canada following its selection to provide the P-8A Poseidon for the country’s long-range multi-mission aircraft program.
“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, CEO of Solace Power.
The funding will allow Solace Power, a global leader in wireless power technology, to establish a Surface Mount Technology (SMT) production facility in Newfoundland and Labrador. This facility will support commercial, defense, and aerospace markets while enabling the company’s expansion into automotive and telecommunications sectors. The investment will also nearly double Solace Power’s workforce.
Canada’s Minister of Innovation, Science, and Industry, François-Philippe Champagne, highlighted the broader benefits of the partnership. “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,” he said.
The Honourable Bill Blair, Canada’s Minister of National Defence, emphasized the importance of the ITB policy. “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. I’m pleased that Solace Power will receive this well-deserved investment.”
The investment follows Canada’s November 2023 decision to acquire the P-8A Poseidon aircraft as part of the Canadian Multi-Mission Aircraft project. To date, Boeing has secured over $2 billion in P-8 contracts with Canadian companies. An independent study estimates the P-8 purchase will create nearly 3,000 jobs and generate $358 million annually in economic output for Canada.
“This collaboration with Solace Power is expected to deliver $34 million in annual economic benefits and create more than 340 jobs in Atlantic Canada,” said Al Meinzinger, president of Boeing Canada.
Boeing’s ITB Program will benefit more than 260 Canadian companies by fostering supply chain opportunities, research and development, and skills training. Over the past 40 years, Boeing has successfully completed ITB programs worth $15.5 billion CAD, reinforcing Canada’s position as a leader in the aerospace industry.
Solace Power’s CEO Neil Chaulk called the partnership a shared commitment to customer-centric innovation, setting the stage for significant growth in Atlantic Canada and beyond.