Asia Tech Wire (Nov 1) -- British firm Reaction Engines crashed into administration on Thursday after failing to secure new funding, ending ambitions to revolutionize air travel by enabling hypersonic flight.

Sarah O'Toole, Peter Dickens and Edward Williams of PwC will act as joint administrators of Reaction Engines, PwC UK said in a statement.

Reaction Engines' Sabre technology is designed to combine the fuel efficiency of a jet engine with the power of a rocket.

PwC said, "The company had been pursuing opportunities to raise further funds, but unfortunately, these attempts were unsuccessful."