Rocket car won’t break 1,000 miles per hour unless company raises $33 million

The company behind Project Bloodhound, a UK-based initiative to break 1,000 miles per hour in a rocket-powered car, is in dire straits. The Bloodhound Supersonic Car is all but built, and it reached speeds of over 200 mph in a test last year. But the company says it needs to raise £25 million (just shy of $33 million) or it will go broke.

Bloodhound Programme Ltd announced on Monday that it has entered into administration, which, like bankruptcy, is a process where control of the company gets passed to an “administrator” whose goal is to repay creditors as quickly as possible. The business advisory firm that was hired (FRP Advisory LLP) says it has started talking to potential investors, according to the BBC. Until now, the project was...

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