Washington D.C., Aug. 10, 2021 (GLOBE NEWSWIRE) — Today, the United States Senate passed the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act which includes provisions that will support further development and deployment of hyperloop. Under this legislation, hyperloop technology will now be eligible for federal funding.
“We applaud the bipartisan group of Senators and President Biden for their tireless work to advance the legislative process and bring a bill to the Senate floor, as well as Committee leaders who advocated to ensure hyperloop was part of this monumental legislation,” said Josh Giegel, CEO and Co-Founder of Virgin Hyperloop. “Hyperloop’s inclusion shows that we’re on the precipice of a new era that will change the way we think about mobility in this country. I hope the House of Representatives will expeditiously pass this legislation so that these additional avenues for investment in hyperloop’s successful deployment in the U.S. can become law.”
The landmark Infrastructure Investment and Jobs Act allows hyperloop to compete for federal funding for US-based projects. This includes hyperloop eligibility for the Consolidated Rail Infrastructure and Safety Improvements (CRISI) competitive grant program at the Federal Railroad Administration (FRA) and the Advanced Technology Vehicle Manufacturing (ATVM) loan program at the Department of Energy.
The bill also codifies the Non-Traditional and Emerging Transportation Technology (NETT) Council at the US Department of Transportation (USDOT), so it can continue to support the prompt and safe deployment of innovative transportation technology.
Virgin Hyperloop has worked closely with the United States Congress and USDOT over the last two-and-a-half years to advance its technology and ensure that it is able to deploy hyperloop safely and quickly. Last summer, DOT issued guidance that said hyperloop is subject to the Federal Railroad Administration (FRA) safety jurisdiction and provided a regulatory framework for hyperloop.