A week ago we learned that the United Kingdom's Bloodhound project aiming to set a new land speed record had come to a halt due to a lack of funding. However, Bloodhound isn't the only team out to break the record speed of 763.035 mph set in 1997. Another is Australia's Aussie Invader which is developing a rocket-powered car dubbed the 5R.

The Aussie Invader team is led by Australian drag race legend Rosco McGlashan, and recently he visited the United States to seek a suitable site to make an attempt but was unsuccessful on this visit. Like Bloodhound, Aussie Invader not only wants to break the old record, but go on to hit the magic 1,000 mph mark.

The 5R is significantly more powerful than Bloodhound's own supersonic car, based on proposed specs. McGlashan and his team claim the 5R will need just 20 seconds to reach 1,000 mph thanks to its 62,000 pounds of thrust (about 200,000 horsepower). By comparison, the Bloodhound is expected to take 55 seconds to achieve the same speed.

There's still a lot of development left. The team is yet to decide on an actual powertrain but the type is known. It will need to be a single, very powerful bi-propellant rocket engine. California-based Interorbital Systems has been recruited to develop the powertrain.

Once the powertrain is developed, it will be installed in a body that's essentially a steel pipe stretching 52 feet in length. The wheels meanwhile are four solid aluminum pieces each weighing about 220 pounds.

The last stage for the project will be some testing before the first attempts are made. Aussie Invader hopes to make its first attempt in 2020 but the team will need to raise more funding. Individuals sponsoring the project can even get their photo placed on the 5R's exterior. Donations can be made at the website www.supersonicselfie.com.