Richard Varvill reflects on the painful collapse of Reaction Engines, a firm aiming to revolutionize aerospace with heat exchanger technology first conceptualized in the 1980s. Despite innovative efforts, including partnerships with Rolls-Royce and UK military support, the venture faced funding challenges. As they neared their end in late 2024, big investors shied away, leaving the company unable to cross the critical 'Valley of Death' in aviation development. The atmosphere in the final days was grim, underscoring the difficulties of sustaining long-term aircraft development projects.
"The game was being played right to the very end, but to cross the Valley of Death in aerospace is very hard."
"Rolls-Royce said it had other priorities and the UK military has very little money."
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