Formed on the 27th January 1936 as Power Jets Limited as a means of developing and manufacturing jet engines designed by Frank whittle.

Initially work was carried out at British Thomson-Houston works at Rugby before moving to their other works at Lutterworth in 1938. In 1944 the Air Ministry decided to nationalise Power Jets Limited and the company became known as Power Jets (Research and Development) Ltd. After the war the company merged with the Turbine Division of the Royal Aircraft Establishment to form the National Gas Turbine Establishment (NGTE Pyestock). The company ceased to function in 1948.

On the 6th April 2011 the name Power Jets (Research and Development) Limited was incorporated as a wholly owned subsidiary of ITP Engines UK Limited. This will allow ITP Engines UK Ltd to strengthen its association with past jet engine developments and continue to contribute to the industry in the future.