The Hyperloop is becoming a modern day gold rush, with 2 technology companies battling to capitalize on the transportation mode's promise of interstate travel at breakneck speed.
The innovation, with its science fiction-like description, is the brainchild of entrepreneur and Tesla Motors founder Elon Musk. The technology looks to challenge existing transportation methods by offering cheaper, faster and safer travel through a low-pressure system that move pods just under sonic levels, at about 760 mph. As the the idea gradually moves from concept to reality, a number of startups aim to plant their flags in the emerging sector.
"We are the first ones that took the Elon Musk project in 2013 and transformed it into something real," Bibop Gresta, Hyperloop Transportation Technologies (HTT) COO told CNBC in a recent interview. "We are the only company who are actually building a real full-scale Hyperloop."
Yet a company with a similar name, Hyperloop Technologies, is also jumping into the fray. The company has raised $100 million in funding to track test Hyperloop technology in Nevada, and is also trying to stake a claim on the emerging technology.