Hyperloop expects $80m in funding by year’s end, construction begins

5 Nov 201537 Shares

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Hyperloop concept drawings image via Hyperloop

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Speaking on the final day of the Web Summit, the new CEO of the supersonic train company Hyperloop, Rob Lloyd, announced it has raised $26m to-date with expectations of raising $80m by year end.

As far as futuristic methods of transportation go, the Hyperloop is seen as the one to aspire to, with a design that will use high-pressure tubes to transport trains at incredibly high speeds on an air cushion.

And now, the company that has been set up to deliver the original concept proposed by Elon Musk, is apparently on course to begin turning it from a concept into a reality, with Lloyd saying to the crowd at the RDS in Dublin that they are well on-course to constructing the first stages of the Hyperloop system.

With $80m in funding, Hyperloop will now be able to construct its first test track measuring 3km in length by the end of 2016, despite claims by Lloyd that “We could build the Hyperloop today, but to be truly disruptive we need to innovate first”.

Speaking to CNBC prior to his talk, Lloyd said that the company believes that once they have a working model available to demonstrate to governments, their interest will pique due to the environmental benefits it would bring.

“We can actually see areas of the world that can clearly understand the economic advantage of Hyperloop,” he said. “They can see how labour markets could change, how economic efficiency could be driven, and we expect that very top level support for Hyperloop will emerge.”

In particular, one of the much-quoted phrases Lloyd said on the Web Summit stage was the statistic that the largest 15 ships in the world pollute more than all the cars in the world, with Hyperloop aiming to reduce emissions in shipping, as well as high-speed transport.

No location has been given yet for its first test track, but today effectively marks the first real timeline being given for the rollout of the high-speed transport system.

Colm Gorey is a journalist with Siliconrepublic.com

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