Boeing CEO Confident That 787 Battery Fix Will Work

"We have a high degree of confidence in the technical solution that we are testing right now with the FAA (Federal Aviation Administration) and I think it will be sooner rather than later--- the tests will be completed in several days and we will all look at the data and I have a high degree of confidence that data will tell us and will tell the FAA who are the decision makers here that the fix is what we need it to be and we will get this airplane back in service in due time," McNerney told a U.S. Chamber of Commerce aviation summit.The grounding has been a "frustrating experience," he added.

Regulators grounded the 787 on January 16 after separate battery incidents on planes in Boston andJapan. That grounding has already cost the company an estimated $450 million in lost income and compensation payments to airlines.

Boeing is now running test flights to prove the safety of its new battery system.

A 787 Dreamliner took to the sky Monday (March 25) in the first of two flights designed to help show that the new lithium-ion battery system meets regulatory safety standards. The airplane took off at approximately 12:11 am Pacific Time (8:11 am GMT) from Paine Field in Everett, Washington on a two-hour flight.

Shares of Boeing are up 16 percent since the 787 was grounded. Most of that gain came over the last month as the 787 moved closer to flying again.