Agreement signed on China’s first Hyperloop system
HyperloopTransportation Technologies has signed an agreement with Tongren Transportation & Tourism Investment Group of the People’s Republic of China to develop China’s first Hyperloop system.
In a statement issued yesterday (19 July), HyperloopTT said: “This is the first hyperloop agreement with China and marks the twelfth agreement for HyperloopTT and the third commercial agreement for HyperloopTT following announcements in Abu Dhabi and Ukraine earlier in 2018.”
HyperloopTT will provide technology, expertise and equipment, while Tongren will be responsible for certification, regulatory framework, and construction of the system. Financing will be done through a public private partnership with 50% of the funds coming directly from Tongren.
“We envision that Hyperloop will play into a bigger role of the Silk Road Economic Belt, connecting the region to the rest of the world,” said Dirk Ahlborn, CEO of Hyperloop Transportation Technologies. “China spends over $300 billion annually on infrastructure to address their rapidly growing urban populations. Having worked alongside our government partners, Hyperloop has proven a viable solution for this immediate problem. Additionally, the unique topography of Tongren will allow us to refine our various construction methods with our partners.”
Hyperloop is a new transport concept where people and cargo are transported at high speeds through sealed tubes.