HyperloopTT to open Chinese entity and begin work on China's first Hyperloop starting with an initial 10 km commercial agreement at Tongren in Guizhou Province.
PLAYA VISTA, Calif. - HyperloopTransportation Technologies announced the signing of an agreement in the People's Republic of China. The agreement was signed by both HyperloopTT and Tongren Transportation & Tourism Investment Group of the People's Republic of China. This is the first hyperloop agreement with China and marks the twelfth agreement for HyperloopTT and the third commercial agreement for HyperloopTT following announcements in Abu Dhabi and Ukraine earlier in 2018.
HyperloopTT will be responsible for providing technology, engineering expertise, and essential equipment. Tongren 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. 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. 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."
"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."
"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," said Bibop Gresta, Chairman of HyperloopTT. "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."