Showing posts with label THE BORING COMPANY. Show all posts
Showing posts with label THE BORING COMPANY. Show all posts

Monday, 7 May 2018

Move over electric cars: Musk now wants to make bricks for low cost housing

Elon Musk

Move over, candy and flamethrowers. Elon Musk tweeted out plans Monday for yet another side venture: alleviating the nation's housing crisis.

"The Boring Company will be using dirt from tunnel digging to create bricks for low-cost housing," he wrote in a tweet about his nascent tunnelling enterprise.

Company spokesman Sam Teller confirmed the plans, saying the bricks will come from the "excavated muck." "There will be an insane amount of bricks," Teller wrote in an email.

How many affordable housing units that will create, though, is a different matter, says Juan Matute, a lecturer at the University of California, Los Angeles, and associate director of UCLA's Institute of Transportation Studies.

Musk’s tweet "assumes that housing costs are driven by construction materials, and particularly, construction materials that can be replaced by bricks," Matutue said. "That's not the case." At least in California, the only state where Boring Co. has started digging a tunnel, land and labour drive prices more than anything else.

Monday, 16 April 2018

Elon Musk's Boring Company raises $112.5 million for hyperloop tunnels

Elon Musk

Elon Musk's Boring Company has raised $112.5 million in equity, the firm said in a regulatory filing on Monday, as it seeks to build underground tunnels for its hyperloop transportation project.

Musk, who also leads electric vehicle maker Tesla Inc and rocket company SpaceX, is seeking to revolutionize transportation by sending passengers packed into pods through an intercity system of giant, underground vacuum tubes known as the hyperloop.

The funding comes about five months after Musk said the Boring Company would compete to fund, build and operate a "loop" to connect downtown Chicago with O'Hare Airport.

Musk had earlier sold Boring Company hats and flamethrowers to raise funds.

The Boring Company says tunnel-digging projects can cost as much as $1 billion per mile. Its goal is to lower these costs by a factor of 10 or more, its website says.