EL SEGUNDO, Calif.--(BUSINESS WIRE)--On the heels of announcing a public offering and Elon Musk’s offer to build an open source test track in Texas, JumpStartFund’s Hyperloop Transportation Technologies has announced a formal agreement with the developers of Quay Valley, California, to develop an installation of the Hyperloop along a five-mile stretch of the town running alongside the Interstate 5 freeway. With construction beginning in 2016, this will be the first working passenger-ready Hyperloop in an urban area.
“With Quay Valley, we’re creating a community built on economical, environmental and social sustainability, and part of this is seeking to reduce car dependency,” said Quay Hays, CEO of GROW Holdings, Inc. (Green Renewable Organic & Water), the master developer of Quay Valley. “For these reasons, the Hyperloop is the ideal clean community transit system for Quay Valley.”
“Our agreement with Quay Valley is a major milestone in the advancement of the Hyperloop project,” said Hyperloop Transportation Technologies CEO Dirk Ahlborn. “This installation will allow us to demonstrate all systems on a full scale and immediately begin generating revenues for our shareholders through actual operations.”
The Quay Valley Hyperloop track will be built using HTT’s tube, capsule, and station models. It will be instrumental in optimizing passenger system needs--such as loading, departure and safety considerations--to ensure Hyperloop is ready for larger-scale operation. Running speed will be reduced on the shortened track from Hyperloop’s full potential.
In the past two years, JumpStartFund assembled a team of nearly 200 core team professionals who have worked to bring the Hyperloop to reality by completing extensive technological and financial feasibility studies. On February 13, 2015, Hyperloop Transportation Technologies announced the company was moving towards a public offering near the end of 2015. The offering is planned to be an auction with the goal of raising $100 million.
Thursday, February 26, 2015
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