Hyperloop One – a company developing the super-speed transport system thought up by Elon Musk – has signed a letter of intent with the governments of Finland and the Netherlands to look into building networks there.
The futuristic transport system works by propelling pods through a large tube at speeds of 750 mph using magnets.
Josh Giegel, president of engineering at Hyperloop One, told CNBC on Thursday, the agreement with Finland will involve exploring a transport system for the Nordic region. Initially it will be from Helsinki to Stockholm in Sweden. And the two parties will also look at connecting the Aland Islands. Giegel said there was no definitive route being looked at in the Netherlands.
The letter of intent will involve Hyperloop One exploring the viability of the project in each country. If the government and Hyperloop One can prove the feasibility of the project, work can begin on a so-called "proof of operations facility" which is likely to involve building the first part of the track.
Part of the attraction of Finland is the availability of tech-savvy talent from companies like Nokia.
"You have got a lot of skilled workers looking for work and the government see it as a chance for high-skilled jobs to stay in the area. They have moved extremely fast. We first met with them in November last year," Giegel told CNBC in an interview at the Web Summit technology conference in Lisbon.