This will follow as closely as possible to the plans Elon Musk laid out on august 18th for the Hyperloop. The funds will be used to create a working proof of concept, to prove weather there truly is a new mode of transport – a fifth mode after planes, trains, cars and boats.
Existing conventional modes of transportation of people consists of four unique types: rail, road, water, and air. These modes of transport tend to be either relatively slow (i.e., road and water), expensive (i.e., air), or a combination of relatively slow and expensive (i.e., rail).
Hyperloop is a new mode of transport that seeks to change this paradigm by being both fast and inexpensive for people and goods.
Hyperloop consists of a low pressure tube with capsules that are transported at both low and high speeds throughout the length of the tube. The capsules are supported on a cushion of air, featuring pressurized air and aerodynamic lift.