I read a post the owner of this car made on Jalopnik, then did some digging around to locate the build thread.
Wikipedia defines a Locost as “a home-built clone of the Lotus Seven. The car features a space frame chassis usually welded together from mild steel 1 × 1 in (25 × 25 mm) square tubing. Front suspension is usually double wishbone with coil overs. The rear is traditionally live axle, but has many variants including independent rear suspension or De Dion tube. Body panels are usually fiberglass nose and wings and aluminium side panels. Each car is highly individualized according to the resources, needs and desires of each respective builder.”
This particular Locost build is based more on the style an Arial Atom, but the similarities end at appearances, because it will be powered by a rear mounted Hayabusa engine. The owner has been corresponding via email with the builder of the car, a talented man they call Pook. Firstly they swapped sketches and ideas, and now they discuss changes and updates as the custom creation is being fabricated. Amazingly enough, the two have never met in real life.