Transonic Transportation is currently seeking more than $800 million in federal loans to fund the building of hyperloop terminals, routes, and transport cars, Mobility Buzz has learned.
San Antonio, Texas-based Transonic Transportation is developing a hyperloop system — the brainchild of Elon Musk — which is a proposed mode of passenger and freight transportation that would propel a pod-like vehicle through a near-vacuum tube at more than airline speed. One of Transonic Transportation’s proposed routes would allow for people or goods to travel from San Antonio to Austin in just 15 minutes.
A board member of Transonic Transportation is currently in Washington, D.C., looking into funding from the Railroad Rehabilitation & Improvement Financing (RRIF) program, part of the Federal Railroad Administration (FRA), Chief Executive Joshua Manriquez told Mobility Buzz.
Transonic is one of many hyperloop companies in the industry — including Hyperloop One and Hyperloop Transportation Technologies — but it would be the first and only hyperloop company to secure financing from the RRIF.
“We are being optimistic at the moment,” Manriquez said about the possibility of receiving the loan. Transonic wants to determine which legislators would be interested in supporting hyperloop transportation within their own states so that the company can inform potential investors, he added.
The FRA is authorized to provide direct loans and loan guarantees up to $35 billion to finance development of railroad infrastructure, according to the FRA. Currently, the FRA has authorized just over $2.7 billion since 2002.
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Immensely rewarding to see one of these built. Kudos to Elon and the team at SpaceX for building the first Hyperloop test track. pic.twitter.com/ij8IaeLkaC
— Transonic Transport (@TransonicTrans) January 26, 2017