The Bloodhound Project, a global engineering project to inspire young people to get involved in STEM subjects has been bought out of administration.
The project, which is using a 1,000mph World Land Speed Record attempt to inspire the next generation to enjoy, explore and get involved in science, technology, engineering and mathematics, has been bought by Yorkshire-based entrepreneur Ian Warhurst. A mechanical engineer by training and long term Bloodhound enthusiast, Ian has a strong background in managing highly successful businesses in the automotive engineering sector. He will bring considerable expertise to bear in taking the project forward.
Administrators were appointed in October to look for investment of £25 million.
Andrew Sheridan, joint administrator, said: “Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK and across the world. Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.
“Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team. This is an opportunity for the right investor to leave a lasting legacy.”
Mark Chapman, Chief Engineer, Project Bloodhound, added: “This project is built around the most successful team in the history of Land Speed Racing, and 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.”
The BloodhoundTeam expressed their delight in the announcement, which allow the project to continue.
“Its the best possible Christmas present for the many supporters around the world who have been inspired by the project,” says the project’s website.
Project Bloodhound was founded in 2007 and aims to hit speeds of 1000 mph at a specially built, 18km long, 1500m wide race track at Hakskeen Pan in the deserts of the Northern Cape of South Africa. Its STEM education campaign has reached over 2 million children, inspiring 120,000 schoolchildren in the UK each year and providing a wide range of workshops and resources linked to the National Curriculum.