Plans to Scale Loop Projects
Tesla CEO Elon Musk‘s tunnel-making venture has managed to raise $675 million USD in its most recent funding round. This financing now values The Boring Company at $5.675 billion.
According to a press release , the firm looks to expand its plans and focus on “scaling Loop, a system that will shuttle passengers through high-speed tunnels.” Loop aims to be an all-electric, zero-emissions, high-speed underground public transportation. In the past, The Boring Company has claimed that one day the technology would be able to shuttle passengers at up to 150 mph. However, it has not yet been able to reach these speeds in testing.
The most recent update saw The Boring Company gain approval for a 29-mile tunnel network that connects 51 stations under Las Vegas. According to updates, the network is expected to carry 57,000 passengers per hour in the future. The new funds give the company the ability to continue to fund its R&D for the project, as well as “increase hiring across engineering, operations and production.”