HTT Aims to Build Full-Scale Hyperloop Test Track
The crowd-funded startup that aims to realize Elon Musk's dream of a supersonic transportation system that can whisk riders from San Francisco to LA in 30 minutes announced they have acquired rights to land on which to build a five-mile, full-scale test track in central California.
The project will be built near Interstate 5 as part of the planned community of Quay Valley, a future community platted for upwards of 25,000 homes and businesses. HTT aims to generate revenue from future residents who will ride the system, which was first proposed by Elon Musk, the CEO of Tesla Motors and Space X, in 2013. Musk is reportedly building is own test track in Texas, but HTT says that it is a partial scale system to work out the physics of propelling people and goods at speeds over 700 mph through a tube.
With some 7,500 acres secured, the next challenge is raising the needed $100 million to build the test track. Here Hyperloop Transportation Technology, group behind the project, has turned to various crowd-funding methods, but as The Verge points out:
Thus far, all of HTT's funding has come from equity-backed crowdfunding on JumpStartFund, enticing early backers with a share in future revenues. But $100 million is out of the reach of JumpStartFund, and the same structure rules out VC funding...
HTT CEO Dirk Ahlborn reportedly is "planning an IPO under an open auction model — a bold move for a company with no revenue stream as yet."
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