The Hyperloop is a hypothetical model of high-speed transportation proposed by the entrepreneur and SpaceX founder Elon Musk.
The company Hyperloop One is now working to develop the futuristic transportation technology, announced the closing of $80 million in financing and said it plans to conduct a full system test before the end of the year.
A hyperloop would whisk passengers and cargo in pods through a low-pressure tube at speeds of up to 1,207 km per hour.
Maglev technology would levitate the pods to reduce friction in the city-to-city system, which would be fully autonomous and electric powered.
Hyperloop One builds off a design by Tesla and SpaceX CEO Elon Musk, who has suggested it would be cheaper, faster and more efficient than high-speed rail projects, including the one currently being built in California.
Speaking on the eve of the first demonstration test of the propulsion in the Las Vegas desert, Hyperloop One CEO Rob Lloyd tried to dispel criticism that the technology is unproven and better suited for science fiction than practical use.
“It’s real, it’s happening now, and we’re going to demonstrate how this company is making it happen,” said Rob Lloyd, CEO of Hyperloop One.