HyperloopTT to become the first public company focused on the next generation of high-speed mobility. Credit: Business Wire / Hyperloop Transportation Technologies.

Hyperloop Transportation Technologies (HyperloopTT) is set to become a publicly listed company through a definitive merger agreement with publicly traded special purpose acquisition (SPAC) company Forest Road Acquisition Corp. II.

The deal with Forest, headed by ex-Disney executives Tom Staggs and Kevin Mayer, has a pre-money valuation of around $600m.

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At closing, HyperloopTT shareholders and convertible note holders will receive around $289m of common stock.

The deal is anticipated to help the combined entity secure up to $330m in net proceeds.

Once the deal concludes, the newly combined entity will be known as ‘Hyperloop Transportation Technologies’, with CEO Andrés de León and the HyperloopTT management team at the helm.

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In a statement, León said: “This transaction is a major milestone for HyperloopTT and the hyperloop industry as a whole.

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“The transaction is a moment that could not have been possible without our countless supporters around the world, who have built HyperloopTT into a company that is perfect for this moment.”

Hyperloop is a vacuum tube-based system designed to move people and goods in levitating capsules at airplane speeds on the ground.

HyperloopTT, a technology licencing platform for disruptive hyperloop technology, has extensive intellectual property (IP) portfolio with 66 global patents and over 80 trademarks.

It has developed a full-scale hyperloop test track in Toulouse of France, as well as created a hyperloop insurance framework model, model safety, and certification guidelines.

To expedite the commercialisation of the technology, the company already worked with the US Department of Transportation (USDOT) and the European Commission’s Directorate-General for Mobility and Transport for legislative and regulatory advancements.