Virgin Hyperloop One and a coalition of Missouri government and business groups announced Tuesday they will move forward with a feasibility study looking at the requirements to build a hyperloop route across Missouri.
If built, the proposed hyperloop could take riders from Kansas City to St. Louis in under half an hour.
Business and state leaders said have the hyperloop could transform the state's economy.
The proposed 240-mile-long hyperloop track would follow the path of Interstate 70 across Missouri and feature a stop in Columbia. The plan aims to ferry riders from Kansas City to St. Louis in just 25 minutes at 671 mph. The hyperloop would use magnetic technology similar to a monorail, but in an airless pipeline.
The feasibility study will analyze the technical challenges associated with building a project of this size, the economic benefits it could bring the state, and the funding sources for the project. Overland Park, Kansas-based engineering firm Black & Veatch will conduct the study.
"By embracing innovations like hyperloop, Missouri can enhance its competitiveness and dramatically alter the way people and goods move," Virgin Hyperloop One CEO Rob Lloyd said in a news release. "A hyperloop connection can help provide millions of residents with greater access to jobs and opportunities - giving Missouri an edge in attracting new business and talent."
In June, Gov. Eric Greitens created the Governor's Innovation Task Force, which sought to make Missouri a better place for business by making it easier for companies to find employees and making the state a better place to live. Since then, state agencies, business groups and research institutions have tried to be proactive by thinking in new ways and taking on projects like the hyperloop.
Missouri Chief Operating Officer Drew Erdmann said the task force played a large role in efforts to build momentum for the hyperloop.
"The Missouri Hyperloop Coalition is bringing innovators from across Missouri together to imagine how we can act boldly to compete in the future," Erdmann said.
In October a coalition of business groups, governmental and educational groups announced plans to seek funding for the study. Michael DeMers, director of innovative partnerships and alternative funding at the Missouri Department of Transportation, said taxpayer money will not fund the study.
University of Missouri System President Mun Choi threw the UM System's support behind the project. Choi told the News Tribune in October a hyperloop could allow people to work in metropolitan areas like Kansas City or St. Louis but live in rural Mid-Missouri communities like Mexico.
Choi said in a news release Tuesday the project could benefit the state's economy and universities.
"I believe there are significant benefits to current faculty and students and prospective students with this transformational transportation system," Choi said. "This project has enormous economic potential for our state and could improve collaborative efforts of our researchers with colleagues throughout the state in ways we can only imagine right now."
KC Tech Council President Ryan Weber said the technology industry in particular could benefit from the forward thinking that comes with new technologies like the hyperloop.
"The ability to seamlessly connect the economy in Kansas City with the rest of the state, and beyond, should have every business leader dreaming about the possibilities," Weber said in a news release. "Tech industry leaders are thrilled about the opportunity for our transportation and infrastructure to match the innovative spirit and demonstrated growth in Kansas City's tech community."
In September, the company did not name the Missouri route as one of its 10 worldwide finalists in the Hyperloop One Global Challenge, but it encouraged MoDOT to keep working on the project. Since then, the hyperloop coalition curried favor with the company as the plan developed.
In the proposed hyperloop, enclosed cars would levitate above an electromagnetic rail. A vacuum would take air out of the tube, eliminating friction and drag and severely reducing the amount of energy required to transport the cars.
Hyperloop One formed a partnership in October with entrepreneur Richard Branson and Virgin Group. Virgin Hyperloop One announced in December a test on its 500-meter Nevada test track hit 240 mph. The company also received a $50 million investment from a Cyrpus venture capital fund.