Namco's Rave Racer, not to be confused with the unrelated Rage Racer for PS1, came to arcades in 1995, running on the same System 22 hardware that powered Ridge Racer 1/2, but this time, with higher resolution textures and 2 new complex tracks. It was once said Rave Racer was meant to 'curb' the ever-growing success of Sega's Daytona USA in arcades.
Around November 1995 Namco pledged support for the first-gen PowerVR PC card in the form of arcade ports of Rave Racer, Air Combat 22 and Tekken. Only Rave Racer was ever seen, being shown off at various trade shows in 1996. I remember seeing it on a cable TV show called 'New Media News' or something like that. Next Generation magazine previewed the port in their July 1996 issue. It ran at half the framerate of the arcade and with fewer polys. Though it was said that Rave Racer on PowerVR was doing 4 times the graphical work as PS1 Ridge Racer. Pretty impressive stuff, back then.
As time passed (and passed) fans of PowerVR grew increasingly worried, later angered, that Rave Racer never showed up. With the announcement of PowerVR Series 2 in 1997, and it serving as the backbone of the winning prototype for Sega's next console, Rave Racer for the first-gen PowerVR card was all but forgotten by the press, though not by the fans of the game or PowerVR. Namco never officially canceled it, or the other two games, they just kinda seemed to sweep it under the rug, as if it never happened. Shame.
It seems someone recently unearthed footage of PowerVR Rave Racer in 2012.
Here ya go!
http://www.youtube.com/watch?v=onZi_-Xzqyk (starts at 1:30)
and
https://www.youtube.com/watch?v=aBuGwrWP-s4

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