The engine will be based on the Porsche RS Spyder racing engine that demonstrated its impressive performance and efficiency through multiple Michelin Green X Challenge victories in the American Le Mans Series, the Le Mans Series and the 24 Hours of Le Mans.

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The effort, which is being put together by Peter Diamandis, chairman and CEO of the X Prize Foundation, and Granger Whitelaw, a venture capitalist and partner in two winning Indianapolis 500 racing teams, is developing rocket-powered aircraft with Mojave, Calif.

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