Complex business projects are multi-faceted. This is especially true when you are involved in a major project that includes many parties and requires business plans and data that prove it will be successful before a go-ahead is given. Additionally, when a project interacts with various states, certain government regulations come into play. This can further complicate the major business deal you seek to push forward. This is similar to the situation developers for hyperloop systems are dealing with.
What is a hyperloop system?
A hyperloop system would allow for individuals to travel in pods at high speed in low-pressure tubes from Pittsburgh to Chicago. Recently, developers received the conclusions from an international research firm, and they are strongly disputing these results. According to reports, the firm concluded that they lack government regulations and are facing financial difficulties. Thus, they asserted that this would delay this project until at least 2040.
Researchers dispute a 2030 start date
The research firm released a report that concluded that the developers of this innovative system are being far too optimistic when predicting that by 2030 they will be in commercial operation. While there is currently the technology available to move passengers at speeds of 700 miles per hour in pods, they highlight the lack of certified test facilities as a means for government regulation. They also note the high price tag with the innovative system, causing a further delay in its development.
The costs associated with this project are a major cause for delay. At this point, it is not very cost-effective and will require significant development in order to reduce the cost per mile. There are currently two proposed routes for the hyperloop system. One would go through Cleveland while the other would travel through Columbus. Each route has their own study and means to establish testing before building will begin. Both projects anticipate operation by 2030, ten years sooner than the research firm projects.
The importance of working with an experienced legal team
Navigating complex business projects, even in the beginning stages, can get overwhelming and confusing very quickly. And in matters where there is a public-private partnership and the need to satisfy U.S. regulators, it is vital to have a legal team on your side that has the experience and expertise needed to successfully work through all phases of a business deal or a development project.