Go ahead and take a peek at the newest arrival at Utah’s Bonneville Salt Flats—a fully electric car, the Venturi Buckeye Bullet 3 (VBB-3).

Now hold onto your hat! Monaco-based Venturi Automobiles and engineering students from Ohio State University joined together for this project, which is more than 36 feet long, with an impressive 3,000 horsepower and an estimated top speed of 372 mph.

The team’s previous model (the Venturi VBB-2.5) set the world land speed record for a battery-powered car, a whopping 307 mph in 2010, and since then, they’ve been attempting to surpass this speed.

The team is hoping for a dry run this summer to make an attempt to speed past their last record.

The lead project engineer, Delphine Biscaye, told CNN that it’s not just about breaking records, the initiative is about developing new technologies as well.

“All the knowledge we have learned from this project and the testing we’ve done with VBB-3 is now used by engineers in the industry that are doing production cars,” Biscaye told CNN.

The technology they’ve developed is already being used in the world’s only all electric race series, Formula E. And, according to Biscaye, other automobile companies and even NASA are benefitting from the project.

This isn’t the first time we’ve seen a major focus on the importance of electric vehicles and research and development on batteries, and I have a pretty good feeling it won’t be the last.