Project Bloodhound, which aims to build a supersonic vehicle capable of breaking the world record for land speed, is seeking new investment to avoid bankruptcy.
Bloodhound Programme Ltd. – the company behind the project – needs to raise $33 million to keep its project going.
The company developed the Bloodhound SSC, which they designed to reach 1,000mph (1,609.3km/h). However, their first aim is to beat the previous world record of 763mph (1,227.93km/h).
The project aims to break the land speed record at a track in Hakskeen Pan, a dry mud and salt pan in the Kalahari Desert of the Northern Cape.
The company has already constructed a vehicle, which they have used in low-speed tests of up to 200mph (320km/h).
They plan to break the previous record by strapping an EJ300 jet engine to the land vehicle, which – combined with three Nucleus motors – will help propel the vehicle to the necessary speed.
After years of research and development, however, the company has exhausted its resources.
“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,” said Mark Chapman, the chief engineer of Project Bloodhound.