The wireless power company will use the funding to build a manufacturing facility for surface mount technology, a specific type of circuit board production, in Newfoundland and Labrador and nearly double its local workforce, it said in a press release. The company’s technology—which enables electricity to be transferred without touching parts—is used in the aerospace industry. The firm plans to expand into other sectors, like automotive and telecommunications. (The Logic)

Talking point: Boeing’s investment is part of a deal it struck with the federal government in November 2023, when Ottawa agreed to buy up to 16 P-8A Poseidon aircrafts from the aerospace giant. Boeing said its contribution to Solace builds on more than $2 billion it’s invested in Canadian companies that supply parts for its P-8 fleet. The investment will help bolster economic growth and create jobs for highly skilled workers, Newfoundland and Labrador’s Industry Minister Andrew Parsons said.