By David Shepardson
(Reuters) - Elon Musk's Boring Co said on Monday it raised $112.5 million in equity, with 90 percent coming from Musk himself, as the company seeks to build underground tunnels for its hyperloop transportation project.
In a regulatory filing, the company listed 31 unnamed investors as participants in the funding round. Besides Musk, the rest of the investors were early Boring employees, according to the company.
Musk, who also leads electric vehicle maker Tesla Inc
The company says tunnel-digging projects can cost as much as $1 billion per mile, but its goal is to lower these costs by a factor of 10 or more.
Last month, six Democratic members of Congress from Maryland and Washington wrote to Maryland Governor Larry Hogan seeking information about the state's support for the proposed Hyperloop Project, including the regulatory standards that will apply.
"While the Hyperloop is an exciting project that has the potential to transform transportation along the entire U.S. East Coast, it is also a project that would utilize a wholly new technology and could have significant impacts on our constituents," the members wrote.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)