Elon Musk of Tesla Motors and SpaceX Technologies fame would not speak tongue-in-cheek when it comes transportation matters; and having succeeded greatly with manufacturing electric cars and sending rockets bearing cargoes and supplies to the International Space Station (ISS), his ability to construct a “Hyperloop” transport system that travels 750 mph – almost the speed of sound of 767 mps – would not be doubted once he announces he’s set his mind to it.
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And that is exactly what the billionaire has claimed he’s going to do – construct a passengers transport system that will arrive San Francisco from LA in 30 minutes – a 380-mile or 610-km trip that a plane makes in 1 hour.
And to reveal his seriousness with the initiative, a partner California company known as Hyperloop Technologies has acquired a 50-acre facility for testing the transport system in southern Nevada by early next year.
“This decision represents another major milestone in our journey to bring Hyperloop to commercial reality,” said Rob Lloyd, CEO of the Los Angeles-based company.
The LA company revealed the sum of $37 million has been raised through investors and another $80 million may be raised via bond financing for a transport project whose total costs have not been disclosed yet. But Musk thinks the whole Hyperloop system might cost up to $6 billion even though analysts think he’s been conservative with cost estimates.
Meredith Kendall, project spokeswoman with Hyperloop Technologies revealed Musk is not directly involved in the project, but he is supporting it in all ways and hopes it will be fully ready and functional by 2020.
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