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DENVER — Hyperloop One, a Los Angeles-based company that is proposing to build levitation-based technology to carry passenger and cargo systems at speeds of up to 700 mph, has selected the Rocky Mountain Hyperloop team as one of 35 worldwide semifinalists to build the new technology.

The team includes the Colorado Department of Transportation/RoadX and global infrastructure firm AECOM as primary sponsors. Greeley and the City and County of Denver/Denver International Airport will be included in the plan.

“We are excited about the opportunity to provide the progressive perspective that Hyperloop One brings. It will change our customers’ current perception of transportation, and as a result, revolutionize what we think we know,” CDOT executive director Shailen Bhatt said.

“We have made a bold commitment to our customers to be a national leader in innovative technology that improves our transportation system. The Hyperloop technology directly aligns with our goals of reducing the cost of transporting goods; of turning rural state highways into zero death roads; and of decreasing congestion within Colorado’s critical corridors.”

After fielding 2,600 registrants in five months, Hyperloop One selected 35 semifinalist teams for its Hyperloop One Global Challenge.

The Global Challenge kicked off in May as an open call to individuals, universities, companies and governments to develop comprehensive proposals for using Hyperloop One’s disruptive transport technology in their region to move passengers and freight point-to-point, swiftly and on-demand.