PARIS --- Safran, through its subsidiary Safran Corporate Ventures, and GO CAPITAL announced today that they are taking a stake in the company Turbotech.
Part of a 3 million euro investment round
Turbotech offers a range of turbine engines for light aircraft (turboprops and turbo-electric generators), based on innovative regenerative cycle* turbines. Featuring its patented heat exchanger technology, Turbotech's products combine reliability, exceptional performance, low fuel consumption, low acoustic signature and minimal operating costs.
Turbotech has facilities in Brittany and the greater Paris area. It was founded by four partners, all former employees of Safran, and is directed by Damien Fauvet. Another company, Le Guellec Tubes & Profilés, is also a shareholder and provides industrial support.
Safran Corporate Ventures took part in a round of funding worth 3 million euros, alongside GO CAPITAL Amorçage II, a technology seed fund for western France. Along with this investment, Nicolas Franck of Safran Corporate Ventures and Jérôme Guéret of GO CAPITAL will be joining the company's Strategy Committee.
This round of funding will enable Turbotech to finalize the development of its products and introduce them on the market starting in 2019. Turbotech will be the first company to sell a high-performance hybrid propulsion system in the general aviation, heavy drone and on-demand air mobility markets. The electric version will give hybrid propulsion aircraft several hours of endurance.
A technology partnership agreement
Safran and Turbotech have signed a technology partnership agreement, entailing technical support from Safran, and the use of Turbotech's technology in some of Safran's future products. The contract covers an initial period of five years.
"This agreement falls within the scope of Safran's proactive road map for hybrid propulsion solutions," said Stéphane Cueille, Safran Vice President for R&T and Innovation. "Safran is already at the cutting edge of this field, and is considering the use of Turbotech's heat exchanger in some of its products, so we can offer a level of performance that sets us apart. The agreement signed today will enable the two companies to pool our skills and effectively transform the basic technological building blocks developed by Turbotech into products that will be attractive in both Safran's and Turbotech's markets."
* The regenerative cycle involves using a heat exchanger to recover the energy contained in a turbine's exhaust gases, thus significantly reducing its fuel consumption.
Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 58,000 employees and sales of 16.5 billion euros in 2017. Safran Corporate Ventures is Safran's venture capital arm, tasked with funding innovative technology businesses and startups. Since being founded in April 2015, it has contributed financing to eight innovative companies active in sectors related to Safran's businesses (Industry 4.0, onboard components, new materials, new services, new flying platforms).
GO CAPITAL is an independent early stage venture capital firm, managing over €160 million and operating in innovative technology companies based in North-western and Central France.