Boeing invests $10.3M in N.L. company for wireless tech plant

Behemoth aircraft producer Boeing announced on Thursday a $10.3-million investment in Solace Power Inc., a Mount Pearl-based wireless power technology company.

The investment comes as a result of Canada's purchase of a fleet of P-8A Poseidon maritime patrol aircraft from the American manufacturer, announced November 2023.

One of those aircraft will be based out of Greenwood, N.S. The $10.3 million announced today is the only investment into a company based in Atlantic Canada as a result of the P-8A fleet purchase.

"This is obviously an opportunity to invest in a great company that has a great future, and we should see them grow significantly," said Boeing Canada's president Al Meinzinger. He said Atlantic Canada should see over 340 jobs and $34 million a year in economic output in the region as a result of the company's benefits commitment plan with Canada.

Solace Power Inc. manufactures wireless power technology. CEO Neil Chaulk says the company plans to open a new production facility and double its workforce in the coming months.

"It's something that normally we would get built and delivered to internationally," Chaulk said. With a new production facility, he said electronics assembly will be done inside the province.

Chaulk also sees the company expanding to other industries outside of the aerospace market. 

"We've developed core technology that's applicable in multiple market verticals, and this money is going to allow us to more rapidly move into those other markets — automotive and telecommunications being two good examples," Chaulk said.

This purchase agreement is expected to bring in nearly 3,000 jobs and over $350 million in yearly economic output to Canada on  a national scale.

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