Hyperloop Tech, a VC funded startup developing the technologies require to build the first hyperloop transportation system, is reportedly about to make an important announcement later this week.

The company invited the media to its test site at Apex Industrial Park in the city of North Las Vegas, Nevada, where it is building a hyperloop test track – picture above.

The event will take place during two days – May 10 and May 11 – and the company will share live updates during the event.

There’s no word on what exactly the announcement (or announcements) might be, but Hyperloop Tech is developing two test tracks at the North Las Vegas site: an open air test track for propulsion testing and a full-scale hyperloop test track.

Yesterday, Hyperloop Tech’s co-founder and Chairman, Shervin Pishevar, referred to the upcoming announcement as “huge”:

To add to the hype, Hyperloop Tech CEO Rob Lloyd said that there will be some demos of “full-scale components” – meaning we shouldn’t expect a full-scale demo:

“You can expect demonstrations of full-scale components of the Hyperloop Systems that you can expect from the full-scale system.”

Hyperloop Tech co-founder and CTO Brogan Bambrogan was recently at the World Government Summit to pitch the Hyperloop to a crowd of government officials and world leaders.

The startup also hired the man behind the failed ‘UK Ultraspeed’ maglev project to lead the company’s global business development for passenger systems. Alan James was the Chief Executive of the group behind the proposed project to build a high-speed magnetic levitation train on a 800 km (500 miles) route between London and Glasgow.

The project was abandoned in favor of the High Speed 2 train and after working for a decade on the UK Ultraspeed, James switched sides and joined the High Speed 2 project. Now he works in a similar role for Hyperloop Tech where he acts as a “point of contact for cities, regions and countries seeking to develop Hyperloop passenger transportation solutions”.

Though it’s not likely that this week’s announcement will be a deal for the first passenger hyperloop to be built somewhere in the world. It looks like it has more to do with technical advances to make it possible.

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