Reaction Engines Limited (REL), the UK company developing a revolutionary aerospace engine, has announced investments from both Boeing and Rolls-Royce.
REL, based at Culham in Oxfordshire, is working on a propulsion system that is part jet engine, part rocket engine.
The company believes it will transform the space launch market and usher in hypersonic travel around the Earth.
The new investments amount to £26.5m.
Included in this sum are contributions from Baillie Gifford Asset Management and Woodford Investment Management.
It lifts the total capital raised in the past three years to about £100m. The British government has already put in £60m. BAE Systems initially injected £20m in 2015 and has invested new funds in this latest financial round.
“Rolls-Royce and Boeing – these are really big names, and it’s fantastic to be in this position,” said REL CEO Mark Thomas.
“Rolls are super-positive about the technology. They want us to be independent and innovative, and to push our technology as hard as possible. And Boeing – that’s amazing.
Those who have followed the REL story over the years will be aware that Rolls-Royce is not really a newcomer to the project. The aero-engine giant was involved in Sabre’s precursor years – a spaceplane concept back in the 1980s known as Hotol.
When that hit technical difficulties, Rolls-Royce let its interest go, as did British Aerospace. Both are now back, the latter in its current guise as BAE Systems.
“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,” Rolls’ CTO Paul Stein said in a statement.
“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.”
Also this summer, REL should take control of its new test facility in the UK at Westcott in Buckinghamshire. It is here that the company will mount a demonstration in 2020 of the full Sabre cycle.
Assuming this goes well, REL would then look to put the technology on some kind of flight vehicle.
The company is expanding fast with more than 160 staff at its Culham HQ. The new investments will allow it to continue the recruitment.
“The team here is outstanding. We have some of the most talented engineers I’ve ever worked with, a high percentage of whom are women engineers; and we have a great apprenticeship programme. It feels like we’re a good-news story and I want to keep it that way,” said Mark Thomas.