HyperloopTT lands $300M funding for China's first hyperloopby Justin King
A separate startup, Arrivo, has been tied to a $1 billion credit line for future projects.
Two hyperloop startups have secured a combined $1.3 billion in Chinese funding for upcoming projects.
HyperloopTT, also known as Hyperloop Transportation Technologies, has announced a $300 million agreement with state-owned Tongren Transportation & Tourism Investment Group to help build a 10-kilometer test track in Guizhou province.
The government has committed to supply half of the necessary funds, while the other half must come from other investors. HyperloopTT will be responsible for providing technology, equipment and expertise, while Tongren will handle certification and construction.
"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," says HyperloopTT chairman Bibop Gresta.
Arrivo, a rival startup headed by former SpaceX engineer Brogan BamBrogan, has separately announced a $1 billion line of credit that will be available to project owners interested in using the company's technology to build hyperloop systems worldwide. The funds have been secured from Genertec America, owned by ChinaGeneral Technology (Group) Holding Co.
Arrivo appears to be closely following Boring Co's vision, utilizing hyperloop tubes for multimodal transportation that can carry surface vehicles, passenger pods, package delivery vehicles or cargo.
The startups have not yet announced specific dates to begin construction on any potential projects.