After 11 years, the dream to set a new land speed record is over.
Back in 2007, Bloodhound was founded by world speed record holders Richard Noble and Andy Green. The aim was simple: to build a jet car that would beat the current 763-mph land speed record and break the 1,000-mph barrier. The Bloodhound SSC was born, powered by the same Rolls-Royce EJ200 jet engine used by the Eurofighter Typhoon fighter jet.
Last year, the ambitious project appeared to be making good progress after a successful 200-mph test run at Newquay airport in the UK. After this, the plan was to do another 600-mph run at a pre-prepared 11-mile track in South Africa this year before attempting a 1,000-mph record in 2020. Unfortunately, the team behind the project has been struggling to secure the mammoth funding required for these runs since the car is privately funded by donations, sponsorship and partnerships.
A couple of months ago, the situation looked bleak as Bloodhound went into administration. But Bloodhound was hopeful that it would find a buyer willing to invest the £25 million ($33 million) cash injection required to transport the car to South Africa since this is a fraction of the costs required to run a Formula One team for a year.
Sadly, the dream of setting a new land speed record in the Bloodhound SSC is now over. 11 years after the company was founded, the Bloodhound project has been scrapped after the company failed to secure funding, despite several potential buyers coming forward.
"Despite overwhelming public support, and engagement with a wide range of potential and credible investors, it has not been possible to secure a purchaser for the business and assets," the administrators said in a statement. "We will now work with key stakeholders to return the third-party equipment and then sell the remaining assets of the company to maximise the return for creditors."
What's particularly sad about this situation is that development of Bloodhound's supersonic car is practically finished. Driver Andy Green said the car is now available to buy for around £250,000 ($318,000).