Reaction Engines, an Abingdon, UK-based designer and developer of next generation aerospace engines, raised a further £26.5m in funding.
Backers included Baillie Gifford Asset Management, Woodford Investment Management, Boeing HorizonX Ventures, Rolls-Royce and BAE Systems. All investments will take the form of a subscription for new shares, which is subject to the approval of existing shareholders.
The company will use the funds for the development of SABRE™ – a new class of aerospace engine combining jet and rocket technologies, and to accelerate its commercialization plans, with proprietary technology opportunities in motorsport, electric vehicle thermal management, waste heat recuperation, small satellite cooling and aero-engines.
Led by Mark Thomas, Chief Executive Officer, Reaction Engines is advancing SABRE, a new class of combined cycle propulsion system which enables a new generation of air and space vehicles – efficient, long range hypersonic air flight and low cost, reliable and responsive space launch.