Axiomatic gets Jordan investment; Hyperloop Transportation Technologies sets 2019 construction target; $2 million for Santa Monica solar firm
Culver City-based Hyperloop Transportation Technologies Inc. announced plans Oct. 27 for a six-mile commercial hyperloop track in Abu Dhabi, capital of the United Arab Emirates. ArsTechnica reports Hyperloop Transportation, which has raised $31.2 million to date, will begin construction on the project in the third quarter of 2019.
Charlotte Hornets owner Michael Jordan invested an estimated $26 million in Hancock Park-based Axiomatic E-sports October 26, the Business Journal reports. He joins the Axiomatic board as an investor and invested alongside Washington, D.C.-based Declaration Capital. Axiomatic will use the funds to support its professional e-sports outfit, Team Liquid, which is worth an estimated $200 million.
Santa Monica-based renewable power outfit SolarReserve Inc. netted $2 million from the U.S. Department of Energy for its solar mirror tracking technology, Socaltech reports. The grant will help SolarReserve construct solar power systems and thermal power plants, which it operates in Los Angeles and Las Vegas. SolarReserve will also use the funds to further develop its heliostat technology, which enables mirrors on solar power-generating devices to consistently follow the sun’s movements and increase solar farms’ energy output.
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