It's full steam ahead for a £5 million project to build a replica of a locomotive designed by South Derbyshire engineering pioneer Sir Nigel Gresley - with the historic scheme firmly on track.

The project to build the new Gresley class P2 No 2007 Prince of Wales has now raised £2 million - 40 per cent of the total needed to complete the task.

The locomotive project is hoped to be completed by 2021, and organisers said that pledges towards building the vintage steam icon are now rapidly approaching £3 million.

The frames for Britain's most powerful steam locomotive were rolled at British Steel's Scunthorpe works four years ago on St George's Day 2014 in the presence of designer Sir Nigel Gresley's two grandsons Ben and the late Tim Godfrey.

The class P2 2-8-2 'Mikado' locomotives were the most powerful passenger steam locomotives to operate in the UK, designed by Sir Nigel Gresley, who was raised in Netherseal, to haul 600 ton trains on the arduous Edinburgh to Aberdeen route.

The replica Gresley class P2 No. 2007 Prince of Wales

The design was never fully developed and they were rebuilt in 1943/44 and scrapped by 1961. Now the A1 Steam Locomotive Trust is building the seventh member of the class over seven to 10 years at an estimated cost of £5 million.

The project will demonstrate how the design can be fully realised through use of modern computer design techniques, enabling the new locomotive to deliver its full potential hauling passenger trains at high speed across today's national network.

Organisers said that public interest in seeing a new Gresley class P2 become reality remains high and 860 people have already signed up to the 'P2 for the price of a pint of beer per week' (£10 per month or more) covenant scheme since its launch in March 2014.

In addition to this, funds have been raised through The Founders Club with more than 360 members donating £1,000 each plus Gift Aid. It raised more than £450,000.

Members of other clubs pledging to donate between £1,000 and £2,000 includes The Mikado Club, The Cylinder Club, The Boiler Club and dedicated donations. The Gresley Society Trust has also sponsored the locomotive's distinctive front-end.

The trust has also launched The Motion Club which has been established to fund the manufacture of the heavy motion for No. 2007, setting the challenge of raising £210,000 from 175 supporters each donating £1,000 plus Gift Aid.

Progress building Britain's most powerful steam locomotive continues at Darlington Locomotive Works. All 20 wheels for the engine have been cast and proof machined, frame plates for engine and tender are rolled and profiled, preliminary discussions have been held with boiler manufacturers and a study into ride and suspension has been completed using rail industry standard software.

Mark Allatt, P2 project director and trustee of The A1 Steam Locomotive Trust, said: "We are delighted with the level of support that the project to build Britain's most powerful steam locomotive has received since its launch with more than £1.6 million spent so far on construction and more than £2 million donated by our supporters.

"We will have completed the rolling chassis for No. 2007 Prince of Wales in summer 2018 and we remain on track for completion of the new locomotive in 2021.

However, to maintain this rate of progress we need to raise more than £700,000 per year, which given the nature of the regular donation scheme becomes more challenging as each year passes.

Last financial year we more than achieved our budget of £500,000 and this new financial year we have set a fund-raising budget of £700,000.

"We would encourage all our supporters who haven't yet contributed to this exciting project to help us to meet these deadlines by becoming a monthly 'P2 for the price of a pint of beer a week' covenantor, joining The Boiler Club, becoming a member of The Motion Club or taking out a Dedicated Donation. It's time to get on-board."

Who was Sir Nigel Gresley?

Nigel Gresley was born in Edinburgh on June 19, 1876, but was raised in Netherseal, South Derbyshire. He is part of the famed Gresley family – where the areas Church Gresley and Castle Gresley originate from.

The engineer is credited with the design of some of Britain’s most famous steam locomotives. He was the chief mechanical engineer of the London and North Eastern Railway.

One of his locomotives, the famous Mallard, set the record for being the fastest in the world, recording speeds of 126mph in 1938. The world's most famous steam engine, the Flying Scotsman was built to his design.

He worked as chief mechanical engineer of the Great Northern Railway between 1911 and 1922, before moving on to London and North Eastern Railway.