US-based Hyperloop Transportation Technologies has signed an agreement with Tongren Transportation and Tourism Investment Group of the People’s Republic of China to build the first hyperloop system in the Asian country.
This is the company’s first hyperloop agreement with China and twelfth for HyperloopTT. It is also the third commercial agreement for HyperloopTT following announcements in Abu Dhabi and Ukraine earlier in 2018.
HyperloopTT will provide technology, engineering expertise and essential equipment for the project and Tongren will be responsible for certification, regulatory framework and construction of the system.
Hyperloop Transportation Technologies 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.
“Additionally, the unique topography of Tongren will allow us to refine our various construction methods with our partners.”
The US company will work with the government of Tongren in finalising the route for the system.
Tongren Mayor Chen Shaorong said: “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.
“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.”
The project will be financed through a public-private partnership with Tongren contributing 50% of the amount.
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 with in 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.”