Elon Musk’s Hyperloop Technology: Cargo Shipping At 745mph Possible; Putin, Russia Support Project
UPDATE: Hyperloop One is an independent entity and not owned nor controlled by Elon Musk. Hyperloop One has used Musk's hyperloop whitepaper technology in the start, however kept its operations autonomous from Musk's. According to Eric Nielsen, whose generosity lead to gracing us with more information on the matter through reaching out with Science World Report, "hundreds of engineers have quickly advanced amazing new IP and technology that will undoubtedly make Hypeloop a reality sooner than later."
Elon Musk's hyperloop technology gained investment from The Russian Direct Investment Fund, which is established on the government's initiative for investing in large infrastructure projects in Russia. Georgy Vaschenko, director of operations of the Russian capital market at Freedom Finance, said that the size of the investment is not yet disclosed, but may have not exceeded $100 million.
Musk's hyperloop technology promises to transport passengers and cargo in special capsules through tubes with low pressure at a speed of up to 745 mph, UPI reported. Musk's hyperloop technology project is still in its development stage, however, made it a high-risk and venture investment, according to the director of market analysis at Otkrytie Broker, Konstantin Bushuyev. RDIF's investment in Musk's hyperloop technology is said to be unusual and the first of its kind.
Musk's hyperloop technology interests RDIF because of its uniqueness. The fund's general director, Kirill Dmitriev is determined on the idea that Musk's hyperloop technology can be used for transporting containers first before letting people use it. He even said that their investment in Musk's hyperloop technology will give them access to leading technologies for the Russian market.
The Musk's hyperloop technology's developers met with the Russian President Vladimir Putin as part of the St. Petersburg International Economic Forum in June. Putin gave his support to the project while Moscow's authorities agreed to develop the idea of using Musk's hyperloop technology in the Russian capital. It was also reported that Ziyavutdin Magomedov's Summa transportation group will participate in the realization of the project.
Musk's hyperloop technology was tested in May and it was found out that the capsule was able to move only at a speed of about 75 mph, Russia Behind The Headlines reported. Nevertheless, Putin supported the investment and Transportation Minister Mikhail Sokolov promised to introduce Musk's hyperloop technology to transport cargo in the Far East. He added that the technology could be used to ship containers from China to Europe through Russia in just one day.