Connect with us

Hi, what are you looking for?

CleanTechnica

Clean Transport

Boring Company Raises $113 Million In New Capital

An SEC filing shows the Boring Company has raised $113 million in new investments from 31 individuals. Elon Musk is the largest contributor, putting in $100 million of his own money.

The Boring Company has submitted a new filing to the Securities and Exchange Commission (SEC) in which it says it has raised $113 million from 31 investors. Bloomberg reports that 90% of the financing came from Musk himself and the rest from early employees of the Boring Co., according to the filing. No venture capitalists or outside investors participated. CNN Money reports $100 million of the new funding came from Musk’s personal resources.

boring companyThis is the first time the one-year-old company has raised money to support its operations. Presumably, Musk has been funding everything out of his rather deep personal pockets up to this point. The Boring Company popped into Elon Musk’s rather prolific brain one day while fighting Los Angeles traffic on the way to the airport.

Digging tunnels under an existing right of way in California would allow The Boring Company to complete an LA to SF link for about ¼ the cost of the proposed high-speed rail project, according to company estimates. In February, Musk stirred the pot even more by tweeting that The Boring Company could complete a new Transbay Tube from San Francisco to the East Bay for ⅒ of the cost of a second cross-bay tube proposed by BART and do it in ⅕ of the time.

The Boring Co. says it was founded to “solve the problem of soul-destroying traffic.” The company website says it is pursing projects in Los Angeles, Chicago, and the Baltimore-Washington area. Last month, the company released details of the proposed route between Washington, D.C., and Baltimore. In order to save on land acquisition costs, the tunnels will follow the route of the existing Baltimore-Washington Expressway. That right of way is owned by a combination of state, local, and federal government agencies.

On sister site Planetsave, James Ayre offers some additional useful perspective and commentary on coverage of this company:

“Something worth noting here, before going any further, is that most of the coverage on this subject that I’ve seen out there in the media seems to reference the hyperloop system as the driver behind The Boring Co. The reality, though, is that Musk’s plans seem to involve self-driving shuttle systems utilizing the underground tunnels alongside regular vehicles (though with preferential access over such regular vehicles). The hyperloop concept, conversely, seems to be mostly in the hands of third parties at this point.”

Check out our archives on The Boring Company and various hyperloop companies for much more background on these topics.

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

Steve writes about the interface between technology and sustainability from his home in Florida or anywhere else the Singularity may lead him. You can follow him on Twitter but not on any social media platforms run by evil overlords like Facebook.

Comments

You May Also Like

Cars

Amidst the bouts of laughter and Musk-centered adoration were several references to Tesla's future planning, leading to more speculation about the company's direction with...

Cars

The company that revolutionized the car industry has become the object of laughter and vitriol, as its innovative leader-genius brings the private into the...

Batteries

Elon Musk had a special message for those involved in Tesla’s Q2 earnings call last month, noting a global need for lithium and other...

Cars

What effect can activist shareholders have on a company as large as Tesla with its extensive stockholder base of large investment firms?

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.