Bloodhound Supersonic Car project runs out of cash

Lloyd Doyle
October 16, 2018

The Bloodhound Project has entered administration, the British equivalent of Chapter 11 bankruptcy protection, as it seeks to raise $33 million to reach its goal of crushing the 763 miles per hour land speed record with a jet and rocket-powered auto.

The British-led attempt to create the world's first land vehicle capable of breaking the 1,000mph speed barrier has called in administrators as it seeks a £25m cash injection. The company, Bloodhound Programme Ltd., announced that it has gone into administration - meaning, outside administrators have taken control - because it has run out of money to pay its debts. Last year (October 2017) it completed a series of 200mph test runs at Cornwall's Newquay airport and the vehicle was soon to begin higher speed runs in South Africa.

Over the past 11 years, the project has operated on a partnership and sponsorship model with support from companies including Rolls-Royce and Rolex.

Bloodhound said its programme had been a catalyst for research and development, as well as helping interest schoolchildren worldwide in science and engineering, with an associated educational campaign reaching more than 2 million children.

"[Bloodhound SSC is] a truly ground-breaking project that has built a global audience and helped inspire a new generation of STEM [science, technology, engineering, maths] talent in the United Kingdom".

In context: A science and engineering promotional project for United Kingdom students is aiming to break the world record for land speed.

According to the chief engineer of Project Bloodhound, Mark Chapman, the company is close to its goal.

"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".

"Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward".

Sheridan also noted that "while not insignificant", the amount needed to continue with the Bloodhound SSC project is much less than the cost of "finishing last in a season of F1".

He said discussions were being held with a number of potential investors.

Bloodhound will cover a mile in 3.6 seconds at full speed.

"This is an opportunity for the right investor to leave a lasting legacy".

Other reports by Iphone Fresh

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