Lockheed Martin Ventures Invests in High Performance Electric Motor Manufacturer H3X

H3X Technologies announced the completion of an investment by Lockheed
Martin Ventures (LMV), the venture arm of Lockheed Martin Corporation (NYSE:
LMT), a global security and aerospace company. H3X designs and manufactures
advanced electric motors to enable sustainable aviation and other
high-performance applications. This latest funding brings the total raised
by H3X to $9M.

The investment will be used to accelerate technology development and
commercialization of H3X’s HPDM family of integrated motor drives and the
scale-up of their new headquarters facility in Louisville, Colorado for
production.

“At H3X, we are building integrated motor drives from 30kW to 3MW that are
unparalleled in performance in terms of specific power (kW/kg) and
efficiency,” according to Jason Sylvestre, Co-Founder and CEO of H3X. “We
are thrilled to have support from Lockheed Martin and are excited for the
opportunity to work together and collaborate on next-generation defense
technology using our motors.”

“H3X is working on scaling transformative technologies that we believe have
the potential to provide our customer with viable options for electrifying
legacy, all-domain systems and components,” said Chris Moran, vice president
and general manager of Lockheed Martin Ventures. “Our investment in H3X
reinforces Lockheed Martin’s commitment to developing predictive
capabilities and scaling solutions that allow the U.S. and its allies to
stay ahead of threats.”

H3X has made advancements in several different areas that enable them to
reach continuous specific powers of >10kW/kg and best-in-class efficiency.
These areas include electromagnetics, material science, power electronics,
additive manufacturing, motor control, and thermals. H3X has invested
heavily in vertical integration and does design, manufacturing, and testing
in-house at their headquarters in Louisville, Colorado.

H3X originally developed this technology to enable compelling fully-electric
and hybrid-electric aircraft with excellent range and payload capacity while
also significantly reducing noise and operational costs. “When you look at
the power density and efficiency requirements that are needed for
electrifying narrow-body jets, there really isn’t anything out there that is
sufficient,” said Jason Sylvestre. “The Megawatt-class systems that you can
buy today still use technology from the last century and are far too large,
heavy, and inefficient to meet the demanding requirements of electric
aviation.” Additionally, H3X has found that there are a number of other
markets that can also benefit from their technology including defense,
marine, specialized ground vehicles, and power generation.

H3X currently has three base products, the HPDM-30, the HPDM-250, and the
HPDM-3000. These three units all utilize the same core technology and range
in power from 30kW to 3MW. Additionally, the core technology they’ve
developed is scalable and modular and can be used to build highly
integrated, aerospace-grade solutions that are tailored to match specific
customer requirements.

About H3X

Founded in 2020 by a team of multidisciplinary engineers, H3X is an advanced
technology and electric motor manufacturing company based in Denver,
Colorado. Their team brings together driven minds from automotive,
aerospace, and motorsports with deep knowledge in electric machines and
power electronics. The mission of the company is to become the world’s
leading supplier of aviation-grade electric propulsion systems by 2030 to
enable a large-scale revolution aircraft electrification and regional air
mobility. For more information, visit www.h3x.tech/

About Lockheed Martin Ventures

Lockheed Martin Ventures makes strategic investments in companies that are
developing cutting-edge technologies in core businesses and new markets
important to Lockheed Martin. More than a source of capital, Lockheed Martin
Ventures provides portfolio companies with access to our world-class
engineering talent, state-of-the-art technologies, and research and access
to the company’s international business relationships and supply chain. For
more information visit: www.lockheedmartinventures.com

About Lockheed Martin

Headquartered in Bethesda, Maryland, Lockheed Martin Corporation is a global
security and aerospace company that employs approximately 116,000 people
worldwide and is principally engaged in the research, design, development,
manufacture, integration and sustainment of advanced technology systems,
products and services.

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