The 1000mph Bloodhound rocket car needs an injection of funds – quickly

The Bloodhound rocket car's expectation of reaching the 1,000 mph mark may come to a halt as the company behind it faces an insolvency situation.

The UK-based Bloodhound Program's supersonic vehicle (SSC) is almost ready for its belated attempt to break the ground speed record, but requires an investment of $ 33 million (£ 25 million) before it can materialize his plans, the BBC reported on Monday.

FRP Advisory, the firm that oversees efforts to help Bloodhound pay down debt and avoid insolvency, is talking to potential investors. But the project could stop within a few weeks if no one is found, the BBC said.

The team behind Bloodhound is aiming to break the Thrust SSC record of 760 mph set in 1997 and reach its own target speed of 200 mph in 8 seconds, as in a test run in England. November 2017.

Andrew Sheridan, a co-administrator of FRP, said in a statement Monday that the new financial plan "gave a little respite" to raise the necessary funds.

"As we are now coming out of the R & D phase and the operational phase of the project, we recognize that we need a different funding approach," said Mark Chapman, Chief Engineer. of the project, in the same press release. "This project is built around the best performing team in the history of ground speed racing and, with the appropriate support, we have no doubt that the project will achieve its goals and could beat for the record. in just 10 months. "

Neither the Bloodhound program nor the PRF immediately responded to requests for additional comments.

Reading in progress:
Look at this:

Bloodhound SSC: cross the wall of sound and move to …

11:51