Tags: hyperloop | funding | prototype

Hyperloop Accelerates Funding, to Test Prototype in Year or So

Image: Hyperloop Accelerates Funding, to Test Prototype in Year or So
Artist's conception of the Hyperloop in Washington, DC.



By    |   Friday, 06 Nov 2015 08:52 AM

Hyperloop Technologies, the startup company seeking to build a transit system based on depressurized tubes, announced another $26 million in investment funding on Thursday, and plans to test real-world prototypes in the next year or two.

CEO Rob Lloyd said the new capital will help it reach its Series B fundraising goal of $80 million before the year's end.

"Today’s news was announced live on stage at the 2015 Web Summit in Dublin, Ireland, where our co-founders Shervin Pishevar and Brogan BamBrogan and I have been busy all week," Lloyd wrote on the company blog

According to CNET.com, the money will be used in part to construct a two-mile test track by the end of 2016.

"We'll achieve a test of over 700 miles per hour over 3 kilometers by the end of next year," he said.

Pishevar said that the new technology will eventually "make the world a village again. It'll compress space and time."

"The fundamental backbone of transportation is based on century-old technology," said Lloyd.

The company founders said that Hyperloop technology, first conceived by Tesla Motors founder Elon Musk, will not only move people, but could move goods so efficiently that it could eliminate the need for warehouses — as manufacturers could deliver products to customers in record time.

Lloyd said that the entire project should be "close to completion by 2020."

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
TheWire
Hyperloop Technologies, the startup company seeking to build a transit system based on depressurized tubes, announced another $26 million in investment funding on Thursday, and plans to test real-world prototypes in the next year or two.
hyperloop, funding, prototype
227
2015-52-06
Friday, 06 Nov 2015 08:52 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved