American aerospace conglomerate, Boeing has joined a USD 37.3 million fundraising program for a UK based aerospace firm, Reaction Engines Limited, focusing on developing Hypersonic flight technology. HorizonX, the venture capital unit of Boeing, has joined the Series B funding round for the British aerospace manufacturer along with BAE systems and Rolls-Royce.
For the record, Boeing’s investment portfolio consists of firms specializing in new aerospace technologies, such as advanced materials, machine learning, self-driving system, AR technology, IoT, energy storage, and hybrid-electric propulsion technology.
Reportedly, Reaction Engines is regarded as a leading name across hybrid-rocket-jet propulsion technology sector. According to Steve Nordlund, the VP of HorizonX, Boeing will leverage the hypersonic flight technology of Reaction Engines to support its own vision of manufacturing hypersonic aircrafts.
The fundraising program is likely to help Reaction Engines accelerate its plans of commercialization, including using proprietary technologies across the Motorsport, production of small satellite cooling & aerospace engines, waste heat recuperation technology, and electric vehicle thermal management systems. The CEO of Reaction Engines, Mark Thomas stated that the decision of Boeing’s HorizonX to invest in the firm will support its business and intensify its efforts to build hypersonic flight technology.
The key officials of Boeing have claimed that the firm has been working on hypersonic technology since past few years. Last month, the U.S. aircraft manufacturer introduced a new product concept across the aerospace & aviation sector through the launching of hypersonic demonstrator aircraft.
The investments of the aerospace giants in Reaction Engines are expected to augment the expansion of UK commercial aerospace industry, thereby propelling the country’s economy along with the creation of employment opportunities for highly-skilled professionals.
For the record, Reaction Engines, which was founded in 1989, manufactures effective designs for innovative heat exchangers and develops new abilities to deliver high-speed point-to-point cost-efficient transportation.