Tuesday, November 10, 2015

New York to D.C.
in under one hour.
The Federal Railroad Administration recently approved a
grant of $27.8 million to develop a 300mph train, the Wall Street Journal
reports.
The train would be enable travel from Washington, D.C.
to New York City in
under an hour using magnetic levitation technology, better known as
maglev.
The grant, a mere fraction of what the entire undertaking will cost,
was given to the Maryland Department of Transportation and the Maryland
Economic Development corporation, but the project is officially being led by a
private organization called The Northeast Maglev.
The organization is working with officials from the Central Japan Railway
Company (JR Central) who have already utilized maglev technology to develop
the country's Tokyo-Osaka line which, the Guardian reported, broke a world
record earlier this year by reaching a speed of 373mph.
Japanese Prime Minister Shinzo Abe has gifted the U.S.
with the technology
to develop the high speed train as well as funding to help finance the first
portion of the project, which would connect D.C.
and Baltimore and is expected
to cost upwards of $10 billion. Fortune reported last year that the funding
would come from JBIC, Japan's overseas investment bank, hoping that
development of the D.C.-Baltimore leg would attract investors to finance the
rest.
At that point, TNEM had raised $40 million in private funding.
Japan is developing another maglev train of its own to connect Tokyo and
Nagoya without taxpayer money.
It's projected to cost about $93 billion and
be ready around 2045.
This story originally appeared on Fortune More good reads from Fortune:
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