NowaitTransit is seeking €7m to build a verification line in Sweden for testing its low power consumption and zero-emission mass transportation train.
Raising this amount will allow the company to access a €4m government subsidy previously secured.
The company promotes that the system, which features an uphill slope at the station's entrance and a downhill slope at the exit point, will consume 20% less energy than a conventional subway system.
Low energy consumption means that even solar power is feasible as the prime power source.
The newly developed train has a spacious transport capacity of 80,000 people per hour per direction.
NowaitTransit has raised €600,000 for its R&D from partner Botnia Production and a Taiwanese investor, as well as from its own funds of €1m.
The company has also received €300,000 in grants from the Swedish government agencies, including the Swedish railway administration.