A U.S. start-up that develops hyperloop transportation projects has announced that it received funding from Chinese companies, Bloomberg reported.
U.S.-based Arrivo said it has secured a $1 billion investment from Genertec America, a subsidiary of a State-owned enterprise based in Beijing that has helped finance and build high-speed rail and other infrastructure projects in Iran, Turkey and elsewhere, the report noted.
The report also quoted executives at Arrivo as saying that the financing will be "enough to build three legs of a commercial, citywide hyperloop system."
