Reaction Engines, a pioneer in aerospace and hypersonic technology, has officially closed its doors, dealing a significant setback to both the UK’s and global hypersonic ambitions. Established in 1989 by renowned aerospace engineer Alan Bond, the company once held potential with its Synergetic Air-Breathing Rocket Engine (SABRE) and vision for a reusable spaceplane. However, financial hardships ultimately led Reaction Engines into administration under PricewaterhouseCoopers (PwC) as of October 31, 2024.
For decades, Reaction Engines embodied aerospace aspirations, particularly with its SABRE engine which was designed to instantly chill incoming air to prevent engine overheating, using liquid hydrogen to make hypersonic speeds achievable. This technology not only promised to revolutionize space propulsion but also attracted major aerospace players such as BAE Systems, Boeing, and Rolls-Royce. In 2015, BAE Systems took a 20% stake in Reaction Engines, with funds pouring in from other giants, yet even this support could not prevent the recent financial collapse.
The company’s journey was initially fueled by its ambition to develop Skylon, a reusable single-stage-to-orbit spaceplane that would dramatically reduce the cost of space travel. Alongside these goals, Reaction Engines provided advanced cooling technology to a variety of sectors, including partnerships with the U.S. Air Force and even Formula 1 racing, where teams like Mercedes-Benz adopted the cooling systems to enhance vehicle performance. The company’s closure disrupts not only space innovation but also leaves a notable gap in the British government’s Hypersonic Technologies & Capability Development Framework (HTCDF), a £1-billion initiative aimed at developing Britain’s first hypersonic missile.
Despite the promise of SABRE and years of innovation, Reaction Engines fell short of securing an additional £150 million ($193 million) in necessary funding. Without the capital to keep operations afloat, BAE Systems and Rolls-Royce declined to step in with further investments, leaving the company with no choice but to seek administration.
“It’s with great sadness that a pioneering company with a 35-year history of spearheading aerospace innovation has unfortunately been unable to raise the funding required to continue operations,” PwC’s Sarah O’Toole stated.
The abrupt closure has impacted 173 of the company’s 208 employees, leaving a talented workforce facing uncertain futures. The SABRE engine’s potential now remains in question!
Meanwhile, administrators at PwC are assessing available assets, with creditors awaiting further information on the company’s winding down.
Source: PwC