'Hyperloop' design to be unveiled
13 August 2013, 13:34
San Francisco - A design for a super-fast transport system dubbed "Hyperloop" was set to be unveiled on Monday by inventor and entrepreneur Elon Musk.
Musk, who heads electric carmaker Tesla Motors and private space exploration firm SpaceX, promised to reveal the design at 20:30 GMT, but said he is not planning a new venture.
"We're going to provide quite a detailed design," he said last week.
"And then invite critical feedback and see if people can find ways to improve it and then it can just be out there as an open source design that maybe can keep improving. And I don't have any plans to execute it, because I must remain focused on SpaceX and Tesla."
Reports said the system was a superfast transport system capable of speeds up to 1 150km/h.
Musk has called the system a cross between a "Concorde, a railgun, and an air hockey table."
He scheduled a conference call to discuss the plans later on Monday.
Besides SpaceX and Tesla, Musk heads up SolarCity, a company which makes solar panels for homes and businesses. And he operates his own foundation focusing on education, clean energy and child health.
He banked his first millions before the age of 30 when he sold Zip2 to US computer maker Compaq for more than $300m in 1999. Musk's next company, X.com, eventually merged with PayPal, the online payments firm bought by internet auction giant eBay for $1.5bn in 2002.