Hyperloop Transportation Technologies' Great Lakes Study Preview: Feasible and Highly Profitable
- HyperloopTT & Northeast Ohio Areawide Coordinating Agency revealed a first-look at the results of the Great Lakes Hyperloop Feasibility Study, conducted in collaboration with third-party transportation planning firm Transportation Economics & Management Systems, Inc.
- The study determined that the HyperloopTT system connecting Cleveland, Chicago, and Pittsburgh is both feasible and of great economic benefit regionally
- Key findings conclude:
- Operational costs that require no subsidies
- Travel times that reduce hours to minutes
- Over 900,000 jobs created over twenty-five years
- Tens of billions of dollars in economic benefit throughout the region including increased real estate values, wages, and expanded tax base growth over a period of twenty-five years (infographic/summary)
- Decrease in carbon emissions by 143 million tons
- The study is the most comprehensive of its kind involving interstate agencies in Ohio, Illinois, and Pennsylvania with over 80 regional public and private organizations involved in the study as part of the Great Lakes Hyperloop Consortium
At a public town hall meeting today, Hyperloop Transportation Technologies (HyperloopTT) revealed the first results for the most comprehensive hyperloop study done to date. The Great Lakes Hyperloop Feasibility Study was conducted alongside award-winning metropolitan planning organization Northeast Ohio Areawide Coordinating Agency (NOACA) and leading third-party engineering firm Transportation Economics & Management Systems, Inc. (TEMS).
The results of the study, conducted over 1.5 years, involved close collaborations with both Illinois and Pennsylvania. Additionally, the Great Lakes Hyperloop project attracted over 80 public and private organizations who provided support and resources to the study. The undertaking represents the most advanced and detailed work done to bring hyperloop to reality anywhere in the world.
"The results of the study have surpassed even our most optimistic considerations," said HyperloopTT founder and chairman, Dirk Ahlborn. "Working closely with our government and industry partners we have shown that Hyperloop is the high-speed transportation system of choice for the 21st century."
"The Great Lakes Hyperloop Feasibility Study is the most comprehensive study of a Hyperloop system ever conducted," said Andres De Leon, CEO of Hyperloop Transportation Technologies. "The study confirms that the HyperloopTT system is faster, less expensive, and more sustainable than alternatives."
"Hyperloop will revolutionize and redefine the way we travel, work and live. We are thrilled to have the opportunity to share the resulting benefits of the feasibility study that will provide enormous impact and value to our region," said Grace Gallucci, head of NOACA.
"Clearly the project shows very good merit and is, in fact, the first intercity passenger ground transportation system to show a positive rate of return that TEMS has assessed in the last 30 years," said Alexander E. Metcalf, PhD., President, Transportation Economics & Management Systems, Inc.
HyperloopTT is building the world's only full-scale passenger hyperloop system alongside industry-leading partners in safety certification and insurance development at the HyperloopTT Safety and Certification Center in Toulouse, France.
The full study will be made public at a press event on December 17, 2019, in Cleveland, Ohio.
Hyperloop Transportation Technologies (HyperloopTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Through the use of unique, patented technology and an advanced business model of lean collaboration, open innovation, and integrated partnership, HyperloopTT is creating and licensing technologies.
Founded in 2013, HyperloopTT is a global team comprised of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, CA, HyperloopTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; São Paulo, Brazil; and Barcelona, Spain. HyperloopTT has signed agreements in the United States, UAE, France, India, China, Korea, Indonesia, Slovakia, Czech Republic, and Ukraine.
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