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US stock market daily report (June 24, 2014, Tuesday)

June 25, 2014, Wednesday, 06:08 GMT | 02:08 EST | 10:38 IST | 13:08 SGT
Contributed by Millennium Traders

NASA Space Act company skyTran, from California has teamed up with with Israel Aerospace Industries (IAI) to construct the world's first public pilot project for skyTran's elevated transit network. IAI is an aerospace company headquartered in Lod, Israel for the construction of a skyTran Technology Demonstration System (TDS) on the grounds of IAI’s corporate campus. The salient features of skyTran will be incorporated by the TDS to provide a platform for skyTran vehicles to travel at high speeds, with full payloads while levitating. Testing, refinement and validation of skyTran’s technology in a controlled environment will be enabled by the TDS. IAI - Israel's largest defense company - said it would bring to the pilot its expertise in engineering, robotics and control.

Pending the success of the pilot program in Israel, a number of skyTran projects are being planned globally, including in India and the United States.

The skyTran is a patented, high-speed rapid transit system, low-cost, elevated Personal Rapid Transit (PRT) system network of computer-controlled, 2-person “jet-like” vehicles which employs state-of-the-art passive Magnetic Levitation (Maglev) technology. The skyTran lightweight two-person vehicles in the pilot, suspended from elevated magnetic levitation tracks, will cruise at speeds of up to 70 km an hour but will surge to 240 km an hour at the commercial phase.

Jerry Sanders, skyTran CEO said the pilot will be a 400-500 meter (yard) loop built at IAI's campus in central Israel. If successful, the pilot will be followed by a commercial network in Tel Aviv in the coming years. SkyTran initial components will be pre-assembled at their headquarters at the NASA Research Park in California. By the end of 2015, the remainder of skyTran will be constructed locally and the system should be running. Finalize preparations for its first ever commuter line, which in the first phase will be about 7 km (2.7 miles) long, consist of three stations and cost about $50 million to build. The entire system is to be automated with passengers able to order a vehicle on their smartphone to meet them at a specific station, then head directly to their destination, cutting travel time dramatically. Sanders said, "It can handle 12,000 people an hour per guideway and that number grows exponentially with each additional guideway. That is more than a light rail and equal to three lanes of highway."
Sanders said, "Tel Aviv is a world city. It's a destination for people around the world. A center of commerce. Israelis love technology and we don't foresee a problem of people not wanting to use the system. Israel is a perfect test site."