Hyperloop is a transportation system in which a full-length tube is built between destinations, with a controlled environment inside the tube allowing people or cargo to travel at extremely fast speeds. The Propulsion Open Air Test will occur on a track of approximately 1km where the custom-designed linear electric motor will be tested at speeds of 540 km/hour. The Hyperloop technical team, led by CTO and co-founder Brogan BamBrogan, is pioneering unique innovations including advancements in propulsion, tube design and fabrication, levitation systems, pod designs and thermodynamics and systems engineering.

"Hyperloop Tech is a cutting-edge company focused on changing the way the world views transportation, and we could not be more excited about the role the State of Nevada is going to play in this first phase of testing," said Steve Hill, director of the Governor's Office of Economic Development. "It certainly is thrilling to see how Nevada is becoming a place to research, develop, test, and implement advanced technologies driven by innovation."

"I want to thank Governor Sandoval and his team for their hard work to bring this tremendous opportunity to North Las Vegas," said Mayor John Lee. "He believes, like I do, that Hyperloop Tech will not only provide an economic boost to the region, it will demonstrate that Apex is the ideal location for visionary technology businesses."

This milestone is a critical first step towards the full Hyperloop system test. Hyperloop is in the final stages of site selection for the location of a Safety, Development and Test site where Hyperloop will construct a 3km full-scale, full speed prototype. The company is preparing to have this site fully operational in late 2016 / early 2017, as part of its goal to deliver a commercially viable, fully operational Hyperloop system by 2020.

Hyperloop Technologies Inc. employs a team of over 72 full time employees at the company's three-acre, three-building campus in the downtown Los Angeles Arts District. Hyperloop Technologies Inc. is financially backed by leading investors Khosla Ventures, Formation 8, Sherpa Ventures, Zhen Capital, Caspian VC and more. The company has raised $37 million in financing to date and is currently completing a Series B round of $80 million.