Hyperloop Technologies Inc. Announces Land Deal in North LV
LOS ANGELES--(BUSINESS WIRE)--Hyperloop Technologies Inc. announced today that the company has entered into agreements to locate their Propulsion Open Air Test (POAT) on an approximately 50 acre site it has secured in the Mountain View Industrial Park in Apex Industrial Park in the City of North Las Vegas, Nevada. Hardware will begin arriving this month, and testing is expected to begin early first quarter 2016.
“This decision represents another major milestone in our journey to bring Hyperloop to commercial reality,” said Rob Lloyd, CEO, Hyperloop Technologies, Inc. “Hyperloop Technologies will invest first in regions where we receive government advocacy to move fast. We are grateful for the support we have received from Governor Sandoval, the Nevada Office of Economic Development and Mayor Lee and his team from the City of North Las Vegas.”
The ability of the Office of Economic Development team and state and local officials to move at the pace that supports the test and future deployment of advanced technology was critical to location selection for the Propulsion Open Air Test.
"As a state, we are working diligently to attract and grow innovative companies and technologies that advance industries of all kinds,” said Nevada Governor Brian Sandoval. “Through this exciting announcement by Hyperloop Tech and its selection of Apex Industrial Park for its Propulsion Open Air Test, Nevada is thrilled to be playing a role in the critical testing of its innovative advanced technologies. While this is a short-term endeavor, it is a critical step in the company’s development of a truly unique mode of transportation, and I am proud of the work that has been done by the Las Vegas Global Economic Alliance, the City of North Las Vegas, Clark County, the Governor’s Office of Economic Development, and Hyperloop Tech to reach this point today. Thank you, Hyperloop Tech, for your selection of Nevada for this phase of your company development and becoming a partner in the New Nevada.”
Hyperloop is a transportation system in which a full-length tube is built between destinations, with a controlled environment inside the tube allowing people or cargo to travel at extremely fast speeds. The Propulsion Open Air Test will occur on a track of approximately 1km where the custom-designed linear electric motor will be tested at speeds of 540 km/hour. The Hyperloop technical team, led by CTO and co-founder Brogan BamBrogan, is pioneering unique innovations including advancements in propulsion, tube design and fabrication, levitation systems, pod designs and thermodynamics and systems engineering.
“Hyperloop Tech is a cutting-edge company focused on changing the way the world views transportation, and we could not be more excited about the role the State of Nevada is going to play in this first phase of testing,” said Steve Hill, Director of the Governor’s Office of Economic Development. “It certainly is thrilling to see how Nevada is becoming a place to research, develop, test, and implement advanced technologies driven by innovation.”
"I want to thank Governor Sandoval and his team for their hard work to bring this tremendous opportunity to North Las Vegas,” said Mayor John Lee. “He believes, like I do, that Hyperloop Tech will not only provide an economic boost to the region, it will demonstrate that Apex is the ideal location for visionary technology businesses.”
This milestone is a critical first step towards the full Hyperloop system test. Hyperloop is in the final stages of site selection for the location of a Safety, Development and Test site where Hyperloop will construct a 3km full-scale, full speed prototype. The company is preparing to have this site fully operational in late 2016 / early 2017, as part of its goal to deliver a commercially viable, fully operational Hyperloop system by 2020.
Hyperloop Technologies Inc. employs a team of over 72 full time employees at the company’s three-acre, three-building campus in the downtown Los Angeles Arts District. Hyperloop Technologies Inc. is financially backed by leading investors Khosla Ventures, Formation 8, Sherpa Ventures, Zhen Capital, Caspian VC and more. The company has raised $37 million in financing to date and is currently completing a Series B round of $80m.
About Hyperloop Technologies, Inc.:
Hyperloop Technologies, Inc., is the world’s next breakthrough in transportation, engineering unique transportation solutions worldwide for both cargo and passengers. The company was founded in 2014 and is headquartered in downtown Los Angeles, California. For more information, please visit http://hyperlooptech.com.
About the Governor’s Office of Economic Development:
Created during the 2011 session of the Nevada Legislature, the Governor’s Office of Economic Development (GOED) is the result of a collaborative effort between the Nevada Legislature and Governor Brian Sandoval to restructure economic development in the state. GOED’s role is to promote a robust, diversified and prosperous economy in Nevada, to stimulate business expansion and retention, encourage entrepreneurial enterprise, attract new businesses and facilitate community development.