2nd Nov 2015 06:53
LONDON (Alliance News) - Defence contractor BAE Systems PLC has agreed to buy a 20% stake in Reaction Engines, the company responsible for an engine which could propel aircraft into outer space and back at five times the speed of sound, the Financial Times reported.
BAE will become a strategic investor in Reaction, whose Sabre engine could radically cut the cost of launching satellites and which has the potential to allow passengers to fly across the world in around four hours.
BAE will pay GBP20.6 million for the stake as part of a funding round for Reaction which, according to the UK Space Agency's David Parker, will unlock a GBP60.0 million grant package from the UK government.
https://next.ft.com/content/a25d2798-7f1b-11e5-98fb-5a6d4728f74e
By Sam Unsted; [email protected]; @SamUAtAlliance
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