Rolls-Royce Holdings PLC (LSE:RR.) has reportedly moved to shut down its electrical propulsion business after failing to find a buyer.
This follows a wider restructuring effort since chief executive Tufan Erginbilgic took the helm early last year, which has seen Rolls-Royce refocus on its core businesses.
Though talks were said to be held with a potential buyer last December, aerospace publication Aviation Week reported that Rolls-Royce was now in the process of shutting down the business.
The unit had been set up in 2018 before being spun out in 2022 to focus on developing technology to electrify flight in the future.
Such technology included motors for regional aircraft, though Rolls-Royce has faced setbacks as the likes of UK-based Vertical Aerospace and Italy’s Tecnam Aircraft have ditched electric plane programs in recent years.
Rolls-Royce is yet to confirm the closure and will reportedly complete contractual work tied to the electrical propulsion wing, according to Aviation Week.