LOS ANGELES–(BUSINESS WIRE)–Following a live press conference organized by the United States Department of Transportation (US DOT), Hyperloop Transportation Technologies (HyperloopTT) is announcing full support for newly established designations for hyperloop technology in the U.S. During the press conference the US DOT revealed that hyperloop will now fall under the purview of the Federal Railroad Administration (FRA), paving the way for funding and regulation for hyperloop systems nationwide.
For hyperloop systems, the NETT council determined that the Federal Railroad Administration possesses the necessary tools and authorities to manage the safety and other regulatory authorities for these technologies. Hyperloop projects using maglev technology are eligible for the same grant programs as other projects exploring those technologies. This unlocks potential funding and financial opportunities for planning, and construction grants and loans.
The announcement comes after HyperloopTT’s recent announcement on July 14, 2020, regarding the publication of the first completed certification