Hyperloop One raised $85 million at a valuation of more than $700 million, Faraday Future cuts loose its Nevada factory and incentives and Stratolaunch megaplane fires all six engines for the first time.
Hyperloop One, the company built on Elon Musk’s vision for fast and efficient freight and passenger transportation, has closed an $85 million investment round. The company’s total funding is now $245 million, reports Recode. That brings the company’s valuation – including this round of financing – to more than $700 million, according to sources.
Steve Hill of the Nevada Governor’s Office of Economic Development told the agency’s board on Tuesday that Faraday Future sent a letter in recent weeks voluntarily relinquishing its status as a “qualified project” eligible for a state tax abatement and infrastructure building package outside Las Vegas, reports The Nevada Independent. Faraday also cut a check for $16,200, thus returning all the incentive money that it had received from the state.
The Stratolaunch megaplane, built by Northrop Grumman’s Scaled Composites, completed the first phase of engine testing by starting its six Pratt & Whitney turbofan engines, reports Popular Mechanics. The aircraft is built for Paul Allen’s aerospace company Stratolaunch Systems and is an enormous twin-fuselage aircraft designed to carry and drop rockets from high-altitude.
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.