IP Group news 0

• Reaction Engines, IP Group, and the UK Government funded Science and Technology Facilities Council (STFC) are joining forces to create a world leading decarbonisation technology company
• New venture will combine Reaction Engines’ heat exchanger technology developed for its SABRE™ air-breathing rocket engine, STFC’s leading ammonia catalyst expertise and funding from IP Group 
• Collaboration will design and bring to market lightweight and compact cracking reactors for green ammonia, providing power and propulsion solutions for hard-to-decarbonise sectors such as transport and power infrastructure

At the COP26 Summit in Glasgow, Reaction Engines, IP Group and the Science and Technology Facilities Council (STFC) have announced the formation of a joint venture technology company to produce lightweight and compact ammonia cracker reactors for use in hard to decarbonise sectors.

The new joint venture will design and bring to market lightweight and compact ammonia reactors to enable the use of ammonia as a zero-carbon fuel for use in transport applications, such as aviation and marine shipping, in addition to other hard-to-decarbonise applications such as power generation, particularly ‘stranded grids’ or ‘off grid’ applications. The reactor will catalytically crack the ammonia into an easy to combust fuel for gas turbines and internal combustion engines. 

The collaboration will combine Reaction Engines’ heat exchanger technology developed for its SABRE engine and currently being used in other technology applications, STFC’s leading expertise in developing ammonia catalyst technology, along with funding and venture-building expertise from IP Group. 

Commenting, Dr James Barth, Ammonia Programme Lead, Reaction Engines, said:
“I am thrilled to see the hard work we’ve been undertaking with our partners at STFC culminate in the formation of a new joint venture to bring to market decarbonisation technology solutions. Having IP Group’s backing for Reaction Engines’ first commercial spin-out is a huge vote of confidence in the compact, lightweight ammonia reactor technology we are developing. We are excited to work together to help decarbonise power and propulsion systems in transport, power generation, and other hard to abate sectors.”

Fully decarbonising transport, and particularly long-distance travel, remains one of the hardest to solve technological challenges as countries seek to move towards a net-zero economy. The ideal future beyond current maritime and aviation fuels would be a carbon-free alternative that mimics all the essential propulsion properties of existing carbon-based fuels. Appropriately blended using the unique lightweight cracker technology developed by the new joint venture, ammonia and hydrogen together can be the carbon-free substitute that addresses the challenges of hard-to-abate sectors such as aviation and maritime.

Ammonia is a product that is currently widely transported and stored globally, has a higher volumetric energy density than hydrogen and can be used alongside hydrogen as a zero-carbon replacement for other carbon-based fuels. 

The joint venture technology company is taking forward IP that was developed with STFC proof-of-concept funding as part of STFC’s active support for innovative technologies. The collaboration was kick-started through the Harwell Energytec Cluster and initially funded by the STFC cross-cluster proof of concept.

Professor Bill David FRS, STFC Senior Fellow and Professor of Energy Materials Chemistry at the University of Oxford, said:
“After completing STFC funded proof-of-concept projects, I am excited about the impact that our technology can have in enabling low-impact transitions in hard-to-abate energy sectors. Playing to the complementary strengths of ammonia and hydrogen, our cracker technology can rely on the global ammonia infrastructure to provide, at scale, blended ammonia-hydrogen fuels that mimic fossil fuel performance and offer affordable retrofitted energy solutions.”           

The joint venture will be supported by initial seed equity funding from IP Group and will work closely with Reaction Engines and STFC to design and commercialise each company’s intellectual property. 

Dr Robert Trezona, Head of Cleantech, IP Group, said:
“As the leading cleantech venture investor in the UK, we are delighted to be partnering with two of the country’s most innovative organisations to pursue ammonia for energy. With the Energy Transitions Commission, we highlighted green ammonia as an essential component of a net-zero economy in the Mission Possible report 2018. The combination of technologies from Reaction Engines and STFC is a profound breakthrough and we are excited to be joining forces to build a technology champion in this space.”

At present aviation and maritime account for 5% of total global carbon emissions and both sectors are expected to see significant increases in carbon emissions over the coming years. 

ENDS

Media briefing:

A virtual media briefing will be held from 12.30 – 1.00PM on Friday 5th November:

Dial in: UK-Wide: +44 (0) 33 0551 0200, New York: +1 212 999 6659
Password: Ammonia
Media Enquiries:

For Reaction Engines:
Finsbury Glover Hering:  
Richard Webster-Smith / Emma Black 
+44 (0)20 7251 3801  
[email protected] 


For IP Group plc:
Liz Vaughan-Adams, Communications +44 (0)20 7444 0062/+44 (0)7979 853802
[email protected] 

Charlotte Street Partners:  
David Gaffney +44 (0)7854 609998  
Andrew Wilson +44 (0)7810 636995

For STFC:
Becky Parker-Ellis, Communications +44 (0) 844 804 1440
[email protected] 


Notes to editors

About Reaction Engines
Reaction Engines is a privately held technology company pioneering space access and sustainable technologies.  The Company is based in Culham, Oxfordshire, UK and Denver, Colorado, US and employs over 200 staff across its sites.
Reaction Engines has been at the forefront of engineering innovation for over 30 years, principally developing SABRE, a revolutionary new class of aerospace propulsion. SABRE enables us to go beyond the limits of flight both within and outside the atmosphere. Making space and high-speed travel more efficient, more accessible, more possible.  
The Company is supported by the UK Space Agency and European Space Agency and the US team is working with DARPA, US Air Force and leading Industry Partners. In addition to private capital funding, in recent years Reaction Engines has received investment from BAE Systems, Rolls-Royce and Boeing HorizonX. 
Developed for SABRE, our proprietary precooler technology is truly transformational, delivering world-leading heat transfer capabilities across diverse industries to improve performance in motorsport, convert waste heat into renewable electricity and support more sustainable aviation. 
Our revolutionary thermal management solutions have the potential to elevate life on Earth. 
More information, please visit www.reactionengines.co.uk 

About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
For more information, please visit www.ipgroupplc.com  

About The Science and Technology Facilities Council (STFC)
The Science and Technology Facilities Council (STFC) is part of UK Research and Innovation – the UK body which works in partnership with universities, research organisations, businesses, charities, and government to create the best possible environment for research and innovation to flourish. For more information visit UK Research and Innovation. 
STFC funds and supports research in particle and nuclear physics, astronomy, gravitational research and astrophysics, and space science and also operates a network of five national laboratories, including the Rutherford Appleton Laboratory and the Daresbury Laboratory, as well as supporting UK research at a number of international research facilities including CERN, FERMILAB, the ESO telescopes in Chile and many more. 
Visit https://stfc.ukri.org/ for more information. @STFC_Matters