Hyperloop Transportation Technologies and Forest Road Acquisition II entered into a definitive merger agreement at a pre-money equity value of approximately $600 million.
The deal has a $40 million minimum cash consideration to close. The SPAC raised $350 million in a March 2021 IPO.
Since its inception in 2013, HyperloopTT has developed a full scale hyperloop test track in Toulouse, France, a hyperloop insurance framework model, and model safety and certification guidelines.
With the deployment of the company’s test track, HyperloopTT has built a robust technology portfolio relating to patents across levitation and propulsion, low pressure tube transportation, and passenger experience. These patents are the basis of a technology that the company says combines sustainability with the ability to reach destinations faster, which can redefine the urban landscape, create new economic opportunities, and disrupt the $2+ trillion transportation industry. Read more.