Global aerospace giants invest in Oxfordshire-based firm Reaction Engines
Oxfordshire-based Reaction Engines has secured a further £26.5 million to support the development of SABRE™ – a revolutionary new class of aerospace engine combining jet and rocket technologies.
The UK Government previously committed £60 million in funding through both the UK Space and the European Space Agency to support the development of the project. New strategic investors Boeing HorizonX Ventures, the investment arm of Boeing; and Rolls-Royce, which has been at the forefront of British engineering for over a century, will join other financial backers, including BAE Systems, who initially invested £20.6 million in Reaction Engines in 2015 and are providing further investment.
The total raised by Reaction Engines in the last three years has reached more than £100 million. As well as supporting the company’s SABRE development programme, the fundraising will allow them to accelerate their commercialisation plans, with proprietary technology opportunities in motorsport, electric vehicle thermal management, waste heat recuperation, small satellite cooling and aero-engines.
Mark Thomas, Chief Executive of Reaction Engines said:
“This is a significant milestone for Reaction Engines and I am delighted to welcome our new strategic and financial shareholders. In addition to providing our largest round of private investment, these new partners bring invaluable expertise in both hypersonics and engine technologies with significant access to target markets. This is not only a vote of confidence in our technology but also underlines belief in our ability to develop a thriving commercial business which will provide strong financial returns for our shareholders.”
Paul Stein, Chief Technology Officer of Rolls-Royce commented:
“We are delighted to become a strategic investor in Reaction Engines Limited, an innovative UK company that is helping push the boundaries of aviation technology. We look forward to working with REL and assisting with the development of their technology, and we plan to incorporate this technology into our own future products.”
Paul Britton, Chief Executive of Thames Valley Chamber of Commerce, further added:
“This further investment into Reaction Engines is not only a real vote of confidence in the company’s technology, but also excellent news for the Thames Valley region, which is at the centre of the UK’s space industry. Oxfordshire has significant strengths in this sector, being home to the European Space Agency and a strong cluster of space-related industries.”
Reaction Engines is constructing a new facility in Westcott, Buckinghamshire, UK for SABRE testing. The UK Space Agency is also investing more than £4 million in a National Propulsion Test Facility on the same site, which has a strong history of rocketry research for defence and space development.
Read the full press release HERE.
Find out more about the space industry in the Thames Valley HERE.