Bloodhound 1,000mph car project hits skids as funding runs out
British engineering firm seeking £25m to launch land speed record-beating attempt
The British-led company behind a bid to build a record-breaking 1,000mph jet-powered car has been forced to call a halt to the project after entering administration.
The Bloodhound Programme has “all but built” its jet-powered vehicle but needs a £25m cash injection in order to launch the new land speed record attempt on an 11-mile track in South Africa, the BBC reports.
Although the administrators handling the case, FRP Advisory LLP, are looking for “potential suitors”, the project risks being “wound up in the coming weeks” if funds cannot be found, the news site says.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The car reached speeds of up to 200mph during trials in New Quay last year, reports Autocar.
Taking the hi-tech vehicle to between 500mph to 600mph under jet power would cost an estimated £5m, while around £15m is needed to hit 800mph, the magazine says. And to reach Bloodhound’s goal of surpassing 1,000mph would cost the full £25m being sought.
FRP Advisory LLP’s Andrew Sheridan admitted that the sum is “not an insignificant amount” but noted that it is “a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team”.
Meanwhile, Bloodhound chief engineer Mark Chapman said the team recognised “that we need a different approach to funding”.
“With the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as ten months,” he said.
The company was established in 2007 by previous land-speed record setter Richard Noble and current record holder Andy Green to help get more children interested in engineering and science.
Since then, Bloodhound has gained the backing of Rolls-Royce, oil giants Castrol and Chinese carmaker Geely, The Daily Telegraph says.
The UK Ministry of Defence has also supported the firm by providing “prototype jet engines”, the newspaper adds.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The history of Donald Trump's election conspiracy theories
The Explainer How the 2024 Republican nominee has consistently stoked baseless fears of a stolen election
By David Faris Published
-
Two ancient cities have been discovered along the Silk Road
Under the radar The discovery changed what was known about the old trade route
By Devika Rao, The Week US Published
-
'People shouldn't have to share the road with impaired drivers'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
How cybercriminals are hacking into the heart of the US economy
Speed Read Ransomware attacks have become a global epidemic, with more than $18.6bn paid in ransoms in 2020
By The Week Staff Last updated
-
Language-learning apps speak the right lingo for UK subscribers
Speed Read Locked-down Brits turn to online lessons as a new hobby and way to upskill
By Mike Starling Published
-
Brexit-hobbled Britain ‘still tech powerhouse of Europe’
Speed Read New research shows that UK start-ups have won more funding than France and Germany combined over past year
By Mike Starling Published
-
Playing Cupid during Covid: Tinder reveals Britain’s top chat-up lines of the year
Speed Read Prince Harry, Meghan Markle and Dominic Cummings among most talked-about celebs on the dating app
By Joe Evans Last updated
-
Brits sending one less email a day would cut carbon emissions by 16,000 tonnes
Speed Read UK research suggests unnecessary online chatter increases climate change
By Joe Evans Published
-
Reach for the Moon: Nokia and Nasa to build 4G lunar network
Speed Read Deal is part of the US space agency’s plan to establish human settlements on the lunar surface
By Mike Starling Last updated
-
iPhone 12 launch: what we learned from the Apple ‘Hi, Speed’ event
Speed Read Tech giant unveils new 5G smartphone line-up
By Mike Starling Last updated
-
Russian agency behind US election meddling ‘created fake left-wing news site’
Speed Read Facebook says real reporters were hired by fake editors to write about US corruption
By Holden Frith Published