Monday 10 December 2018

Bloodhound supersonic car project shelved due to lack of funds.

The supersonic car project closed shop due top lack of funds  
The Bloodhound supersonic car project has been scrapped due to lack of funds.
In a press release issued Friday, the Bristol-based organization behind the attempt to build a car that could reach 1,000 mph (1,600 km/h) said it could not find a backer willing to purchase the business and its assets, so Bloodhound SSC is closing shop.
Building a supersonic car isn't quick – or cheap – and though the Bloodhound project sparked considerable public interest and support since it began in 2007, the hard cash needed to keep it going was always difficult to come by.
Despite making its first public run in October 2017, where it reached speeds of 210 mph (338 km/h), the project faced ongoing challenges. The Bloodhound boasts state-of-the-art aerodynamics and even the wheels had to be specially designed and built, which runs into money. It was scheduled to begin speed trials in South Africa in an attempt to break the previous record of 763 mph (1,228 km/h), but the funds simply ran out.
In October, Bloodhound SSC was £25 million (US$33 million) short and was forced to enter receivership. According to the press release quoted by the BBC, the organization's last ditch efforts to find a buyer were unsuccessful.
"[W]e have worked tirelessly with the directors to identify a suitable individual or organization who could take the project forward," said joint administrator Andrew Sheridan. "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. We will now work with the key stakeholders to return the third-party equipment and then sell the remaining assets of the company to maximize the return for creditors."
Driver Andy Green told the BBC that the jet-propelled speedster powered by a Rolls-Royce EJ200 jet engine is up for sale for a mere £250,000 (US$318,000).

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