Skylon Spaceplane project working on pre cooler and heat exchanger

Reaction insists the heat exchanger works, but trials set to run to year-end are needed to demonstrate to waiting investors that the technology is viable. Then, the company says, its investors are ready to release £200 million ($325 million) for a 2012-14 project phase to build an engine demonstrator. If successful, a further £7.5 billion ($10 billion) should be forthcoming to develop the airframe for service from 2020, says the company.
An REL spokesperson announced that they had secured $350 million of further funding, contingent on successful completion of the full-sized precooled jet engine test in June 2011.
On May 9, 2011, REL stated that a preproduction prototype of the Skylon could be flying by 2016, and the proposed route would be a suborbital flight between the Guiana Space Centre near Kourou in French Guiana and the North European Aerospace Test Range, located in northern Sweden.
Pre-orders are expected in the 2011–2013 time frame coinciding with the formation of the manufacturing consortium