A new futuristic form of cargo transportation may soon become a reality after a group of Silicon Valley investors called Hyperloop Technologies put forth US$8.5 million worth of investment.
According to Popular Mechanics, the consortium is looking to secure around $80 million by the end of 2015 in order to take the project to the next stage.
The new form of transport, entitled Hyperloop, was originally designed by Canadian-American entrepreneur Elon Musk, but due to other commitments, the project’s founder abandoned the idea, leaving Hyperloop Technologies to revive the project.
The Hyperloop works like a pneumatic tube, whereby cargo or passengers are shot between locations while seated inside a bullet-shaped ship.
The ship can potentially reach speeds faster than over 550mph, faster than passenger air travel, and make a three hour trip in as little as 10 minutes.
Popular Mechanics reported Forbes as saying that one possible test bed for a real Hyperloop is a strip of land connecting Las Vegas to Los Angeles.
The consortium will be targeting freight first, hoping to use the technology to quickly move goods and provide a less casualty-prone method of cargo transport.