Boring Co is aiming to build underground tunnels for Elon Musk’s Hyperloop Project.
Boring Co, Elon Musk’s startup which seeks to build underground tunnels for Musk’s hyperloop transportation project, stated it has raised $112.5 million in equity, 90% of which has come from Musk himself.
As per a regulatory filing, Boring Co listed 31 unnamed investors as participants in this funding round. Incidentally, apart from Musk the rest of the investors were early Boring employees.
Elon Musk, who also heads Tesla inc and SpaceX, is aiming to revolutionize the transportation industry by creating passenger carrying pods which can travel in underground vacuum tubes known as the hyperloop.
This funding round comes about five months after Musk stated Boring Co would compete to fund, build and operate a “loop” to connect downtown Chicago with O’Hare Airport.
Earlier Musk sold Boring Co hats and flamethrowers to raise funds.
According to Boring, although tunnel-digging projects can cost a whopping $1 billion per mile, it is aiming to lower these costs by a factor of 10 or more.
In October 2017, the Maryland Department of Transportation gave “conditional approval to the construction of a tunnel from Baltimore to Washington” for the project by issuing a utility permit.
In March 2018, 6 Democratic members of the U.S. Congress, from Maryland and Washington, wrote to Larry Hogan, Maryland’s Governor, asking for details of the state’s support to the Hyperloop Project, including regulatory standards that will apply to it.
“While the Hyperloop is an exciting project that has the potential to transform transportation along the entire U.S. East Coast, it is also a project that would utilize a wholly new technology and could have significant impacts on our constituents,” wrote the members.