Benzinga | Jul 16, 2021 07:38AM EDT

CAE To Develop Aviation Technologies, Invests C$1B In Innovation

* CAE Inc (NYSE:CAE) plans to invest C$1 billion over the next five years in innovation to position the company as a leader in Advanced Air Mobility (air taxis) and green light aircraft technologies.

* The investment is to fund Project Resilience, a transformation project to develop the technologies of tomorrow, including digitally immersive solutions using data ecosystems and artificial intelligence in civil aviation, defense & security, and healthcare.

* The project will be in partnership with the Government of Canada and the Government of Qu?bec. It will allow CAE to play a crucial role in making air travel safer, defense forces mission-ready, and helping medical personnel save lives.

* The Government of Canada and the Government of Qu?bec will provide a combined investment of C$340 million over the next five years.

* "CAE is launching a major five-year Research and Development investment program which will reinforce CAE's position as a global technology leader, create high-value jobs and collaborations, and contribute to a greener, safer, and more inclusive world," comments Marc Parent, CAE's President and CEO.

* Price Action: CAE shares closed lower by 0.77% at $28.46 on Thursday.