Hyperloop Technologies is about to take the first big step in proving that the Hyperloop is not a pipe dream.
The California-based startup revealed on Tuesday that it will demo its propulsion technology on its first test track in North Las Vegas on Wednesday morning.
The Hyperloop is a futuristic transport system that carries passengers in capsules at speeds reaching more than 500 mph. Tesla and SpaceX CEO Elon Musk first proposed the idea in 2013 and made his research public so others could pursue developing the concept. Hyperloop Technologies is one of the startups doing just that.
While the company will not be showing off a full-scale system with shooting passenger pods, it will be demoing the underlying technology of its system. The company’s current track is used for conducting propulsion open-air tests, which basically consist of sending its linear motors down a half-mile track at speeds of 330 mph.
Tech Insider will be attending the testing on Wednesday, so be sure to check back for updates.
The company is also changing its name to “Hyperloop One” and said in a press statement that the new name better represents its “singular leadership and incredible progress” in developing the world’s first full-scale Hyperloop system.
But it’s worth noting that the name change will also help diffuse any confusion between it and Hyperloop Transportation Technologies, which is another California-based startup developing Hyperloop technology.
The company also announced that it closed an $80 million Series B financing round with old and new investors participating. Some of its notable new investors include Khosla Ventures, the French National Rail Co., and GE Ventures.
Hyperloop One isn’t just securing more funding to help it grow, though. It’s also securing key partnerships with leading infrastructure companies.
One of the startup’s most notable new partnerships includes the global design and construction firm AECOM. AECOM is also currently working with SpaceX to build a 1-mile Hyperloop test track that will be used for Elon Musk’s Hyperloop pod competition, which will take place later this year.
Other companies Hyperloop One is partnering with include the design and engineering firm Arup and the engineering and consulting firm Systra.
Rob Lloyd, CEO of Hyperloop One, said in the press statement:
Along with our partners, we will create new projects and opportunities to solve transportation challenges around the world through the technology, services and expertise we jointly represent. The time is right to bring new thinking to old problems and harness new technologies and services to make a quantum leap in transportation.
NOW WATCH: How exactly does the Hyperloop work?
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