HyperloopTransportation Technologies announced the signing of an agreement for the development of a hyperloop system in the People's Republic of China. This is the first hyperloop agreement with China.
HyperloopTT will be responsible for providing technology, engineering expertise, and essential equipment. Tongren Transportation & Tourism Investment Group will be responsible for certification, regulatory framework, and construction of the system. HyperloopTT will work in partnership with the government of Tongren in defining the route for the system in the city, which is located in eastern Guizhou province of China. 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."
"Tongren has always been focused on sustainable development. The signing for Hyperloop project is a major step to open up the inland development, an important achievement of the Tongren Great Investment Action Year, and an important project to enlarge and strengthen the local economy," said Chen Shaorong Mayor of Tongren. "After the completion of the project, it will greatly accelerate the research and development of China's hyperloop system, rapidly enhance the development of high-tech industry and equipment manufacturing industry in Guizhou Province, effectively improve the popularity of Tongren city and the development of tourism industry, and laying solid foundation for Tongren 'one district and five places' development."
Guizhou is a province in southwest China, home to approximately 34.75 million (2010). Guizhou's location is a crucial part of China's 'Silk Road Economic Belt' initiative. More than $100 billion has been invested in transportation and financing in the past five years, which has result in 69 highway projects and more than 3,542 miles of new roads.
Hyperloop Transportation Technologies Inc. (HyperloopTT | HTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Thro