What happened: HyperloopTT has signed a deal with Guizhou province to build its first commercial system in China in a joint venture with government-owned Tongren Transportation Tourism Investment Group. The venture will be a public-private partnership in which 50 percent of the funds will come directly from Tongren. The first 10-kilometer track will be built in Guizhou’s city of Tongren.
Why it’s important: HyperloopTT has had an interesting path starting as a US-based crowd collaboration project and then moving on to global expansion. China is the twelfth agreement for the company and the third commercial agreement. China is still investing a lot in its own infrastructure with its eye on expanding further along the Belt and Road. As HyperloopTT’s CEO Dirk Ahlborn noted earlier, the company is hoping to play a bigger role in that.