Hyperloop, first coined by Elon Musk, proposes an advanced mode of transport that would bring twice the speed of a plane to the ground.
The concept also features collision-free travel, low power consumption, 24-hour energy storage, and weather immunity.
The 50-50 joint venture between HTT and government-owned Tongren Transportation Tourism Investment Group will cover 10 kilometers (6.21 miles) in its first phase, according to Reuters.
Any intellectual property conceived in the process will be co-owned by both parties.
HTT, a crowdsourced enterprise, will be responsible for designing the technology and providing essential equipment, while Tongren will take charge of certifying, establishing regulations and building the actual thing, Engadget noted.
HTT is hopeful for its first project in East Asia. This will be its third commercial agreement following announcements in Abu Dhabi and Ukraine.
Co-founder and CEO Dirk Ahlborn said in a statement:
“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 $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.”
Bibop Gresta, co-founder and chairman, added:
”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.”
Meanwhile, Tongren, chosen for its “unique topography,” expects that the project would help in sustainable development and attract tourists upon completion.
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.”
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