Hyperloop Transportation Technologies (HyperloopTT) has entered a deal with Tongren Transportation & Tourism Investment Group to build China’s first hyperloop system.
The deal represents the 12th overall contract for HyperloopTT and the third commercial agreement of this year reached by the company for the construction of the hyperloop systems.
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Earlier this year, HyperloopTT signed contracts with entities in the UAE and Ukraine to develop the systems.
As part of the latest deal, HyperloopTT will provide technology, engineering expertise, and essential equipment, while Tongren will look after the certification, regulatory framework and the construction of the system.
HyperloopTT chairman Bibop Gresta said: “China leads the world in the amount of high-speed rail constructed by far, and now they are looking for a more efficient high-speed solution in hyperloop.
“We have spent the past few years finding the right partners to work within China and now with a strong base network of relationships in place, we are ready to begin work to create the system, along with the proper legal framework for the nation.”
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By GlobalDataHyperloopTT will work with the Government of Tongren to define the route for the system, which will receive funding through a public-private partnership with 50% of the funds coming directly from the Tongren government.
The hyperloop system is a planned mode of passenger and/or freight transportation.
It features a sealed tube or system of tubes through which a pod may travel free of air resistance or friction in order to transport people or objects at high speed.
HyperloopTT CEO Dirk Ahlborn said: “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.
“China spends over $300bn annually on infrastructure to address their rapidly growing urban populations. Having worked alongside our government partners, Hyperloop has proven a viable solution for this immediate problem.”
