A search of the archives suggests we haven't previously covered Formula Fusion. To catch you up: it's an 'anti-gravity' racer from R8 Games—a team comprised of former Wipeout developers. It will feature angular ships, boost pads, futuristic weaponry and an electronic soundtrack. Stick to what you know, I guess.
Formula Fusion is currently the subject of a Kickstarter campaign, and has successfully shot past the £35,000 funding goal. Now just shy of £50,000, the team is attempting to check-off some stretch goals. To that end, they've released some pre-alpha footage of the game in action.
That should give Wipeout fans plenty of opportunity to argue about the craft's bounce, twitch and handling. For a more conceptual look at what the game might be, here's the original Kickstarter pitch video.
Formula Fusion has also appeared on Steam Greenlight.