Hyperloop startup to get tax incentives for test site.
Hyperloop Technologies’ futuristic high-speed transportation system is one step closer to becoming reality.
The company applied this week for nearly $9.2 million in tax incentives to create a testing facility at the Apex Industrial Park just north of Las Vegas, according to a Las Vegas Review-Journal report on Wednesday. The state is expected to grant the tax incentives when company representatives meet with the governor’s Office of Economic Development on Friday, the report said.
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Hyperloop will build a 20,000-square-foot facility in addition to a two-mile long test track to demonstrate that its sci-fi technology is workable, according to a report by Las Vegas business publication VEGAS INC. The plan is to eventually hurtle train-like capsules through a tube at over 680 miles per hour.
Hyperloop expects to invest $121 million in the Vegas project, the report said. The facility and test track should be built by September and it will operate seven days a week at all hours of the day, the Las Vegas Review-Journal said.
Tesla tsla CEO Elon Musk popularized the idea of hyperloops in 2013. Since then, researchers and a handful of companies have been trying to figure out how to actually create such a system that would create an entirely new form of transportation.
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Last fall, Hyperloop Transportation Technologies (HTT), a competitor with a similar name, said it would build a five-mile test track in central California. That company’s chief operating officer, Bibop Gabriele Gresta, said the $150 million project would take 32 months to complete.
Earlier this March, HTT said it reached an agreement with Slovakia for a possible Hyperloop system to be built in that country.