Hyperloop Technologies plans to build not one, but three high-speed transportation systems (Hyperloop systems) in less than five years, according to Rob Lloyd, the company's CEO.
The new LA-based company will begin operations in 2017 and is expected to be fully operational by 2020, Lloyd said during a presentation at the Internet and Technology Conference in Dublin.
Lloyd, who is a former Cisco, also announced that the company had raised $26 million in capital from its second round of funding.
In September, Hyperloop Technologies announced that Lloyd would take over the reins of the company. It also said it aims to have its first test track ready by the end of next year or early 2017, with the goal of commercializing its system by 2020.
The company has not yet announced the location of the first route for the test trips, or any of its other projects.
Tech Insider reached out to Hyperloop Technologies to learn more about the three projects in progress, and will update the public soon.
It's worth noting, however, that even though some U.S. have shown great interest in high-speed rail lines, it's more likely that the first full Hyperloop system – one that stretches hundreds of miles – will be built overseas, and most likely in Asia.
Just last month, Petros Diamantis, who is on the board of directors of Hyperloop Technologies, said the system could be fully operational in the United Arab Emirates before 2020.
Dirk Ahlborn, who is CEO of Hyperloop Transportation Technologies (HTT), another company working on the technology, told Tech Insider earlier this year that they too want to build the first full-scale system in other parts of the world.
The reason these companies are looking to develop these systems outside the US is because there are fewer regulations and procedural issues, but it is also easier to obtain land rights
