Hyperloop Transportation Technology, a crowdsourced company also known as HTT, announced that they will build the first Hyperloop track in Guizhou Province, southwest China, under a deal signed with the local company on Thursday morning.
The track project will be sponsored by both HTT company and a Chinese state-owned company with each party contributes 50 percent capital for the joint venture, according to the agreement.
Once the project starts, Chinese side will be responsible for the paperwork, such as getting the approval for the tube, setting the standards or regulations, while the HTT will offer their technology and engineering expertise, as well as the needed development supports.
“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,” HTT’s CEO Bibop Gresta said in a statement.
“They spend over 300 billion U.S. dollars 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," he said. "Additionally, the unique topography of Tongren will allow us to refine our various construction methods with our partners."
Sang Baichuan, director of the Institute of International Business at the University of International Business and Economics, told the Global Times on Thursday that the HTT case just proves that many U.S. companies are eager to participate in the China-proposed Belt and Road Initiative, but are unable to do so due to the U.S. government strategy.
The Hyperloop, a futuristic transportation concept proposed by Elon Musk in 2012, is designed to send passengers along the 350-mile route at a speed of 760 mph, allowing for a travel time of 35 minutes, which the current rail or air travel are hard to compete.
The test track in Guizhou, China, is said to be no longer than 10 km, but will get extended for commercial use if successful.
In the past few years, Guizhou Province, previously a poverty-stricken region, has gradually developed as a high-tech hub attracting hundreds of tech giants like Alibaba, Tencent, Microsoft, Foxconn to establish their offices or research centers.
The unique karst land formation, which has been seen as an obstacle for its development, is now becoming a fertile ground for big data infrastructure construction.
