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.
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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.