Jul
22
Two U.S. Hyperloop Startups Line Up Financing From China
ByArrivo arranges a $1 billion credit line, and HyperloopTT lays plans to work on a $300 million project on the mainland.
A pair of startups in Los Angeles developing hyperloop transportation projects said Thursday that each had lined up financing commitments from Chinese state-backed companies.
Arrivo, founded by a former senior engineer at Elon Musk’s Space Exploration Technologies Corp., said it secured a $1 billion credit line with Genertec America Inc., a subsidiary of a Chinese state-owned entity based in Beijing that has helped finance and build high-speed rail and other infrastructure projects in Iran, Turkey and elsewhere. The credit line will go to backers of a future project using Arrivo technology, not to the startup itself…
