LOS ANGELES, Sept. 6, 2017 /PRNewswire/ -- Hyperloop Transportation Technologies announced today that they have signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB), to facilitate the development of HTT's Hyperloop Transportation System.
The proposed route for the Hyperloop is between the city centers of Vijaywada and Amaravati, potentially turning a trip of more than one hour into a 6 minute ride. The project will use a Public Private Partnership (PPP) model with funding primarily from private investors.
"We are extremely delighted to have entered into a MoU with the Government of Andhra Pradesh to bring the HTT Hyperloop to India," said Mr. Bibop Gresta, Chairman & Co-founder, Hyperloop Transportation Technologies. "In partnering with Andhra Pradesh, HTT will work with local stakeholders to build the regulatory standards necessary for safe and efficient operation."
During Phase 1 of the project, HTT will conduct a six-month feasibility study commencing in October. Working with partners in the public and private sector, HTT will analyze the surrounding cityscapes to create the best route between the two cities while identifying all pertinent stakeholders in the region. After conducting the initial six-month feasibility study, Phase 2 of the project will construct and build HTT's first Hyperloop in India.
"HTT's transportation platform will enrich the IT infrastructure and ecosystem of Andhra Pradesh to a large extent," said Nara Lokesh, Cabinet Minister for Information Technology, Panchayati Raj and Rural Development for the State of Andhra Pradesh. "The Hyperloop will give rise to development of various state-of-the-art technology parks and software clusters in Amaravati, helping to fortify the city's image as a world class leader in science and technology."
Mr. Krishna Kishore, Chief Executive Officer, APEDB said, "Amaravati is a state-of-the-art city being developed in Andhra Pradesh as its de facto capital. In order to boost its image and emerge as the frontier city in future technology, Amaravati is looking forward to collaborating with Hyperloop Transportation Technologies. Hyperloop is a cutting-edge technological disruption in the transportation industry."
Discussing the added benefits of establishing an ultra-high speed connection between the cities, Mr. Kishore added, "Like most of the world-changing technological advancements, HTT aims at collaborating with Government of Andhra Pradesh to foster research and development, in order to bring affordable and low-cost technologies for the masses. This will eventually lead to improved standards of living in the region. The EDB along with Government of Andhra Pradesh will assist Hyperloop Transportation Technologies Inc. (HTT) with all regulatory requirements to develop and implement Hyperloop."
The State of Andhra Pradesh is the seventh largest in India with a population of over 50 million people. Connecting these emerging development regions with ultra-high speed transportation will establish this region as a leader in technological innovation and sustainable development.
Hyperloop Transportation Technologies Inc. (HTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Through the use of unique, patented technology and an advanced business model of lean collaboration, open innovation and integrated partnership, HTT is creating and licensing technologies.
Founded in 2013, HTT is a global team comprised of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, CA, HTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; and Barcelona, Spain. HTT has signed agreements in California, Slovakia, Abu Dhabi, the Czech Republic, France, Indonesia and Korea.
HTT is led by co-founders Dirk Ahlborn (CEO) and Bibop Gresta (Chairman) and a senior management team of experienced entrepreneurs and professionals. For more information or media inquiries, contact email@example.com or visit http://hyperloop.global/.
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SOURCE Hyperloop Transportation Technologies Inc.