Hyperloop Transportation Technologies (HTT) said on Tuesday that it has signed a licensing deal with a handful of South Korean organizations to jointly develop a full-scale version of the ultra-fast train. HTT is one of several several startups working to develop these trains based on a concept devised by Elon Musk in 2013.

South Korean government's department of technological innovation and infrastructure, the Korea Institute of Civil Engineering and Building Technology (KICT), Hanyang University, and other organizations signed a deal in January to develop a hyperloop system that will be called HyperTube Express (HTX)

Global competition: HTT competes with a few other startups also building hyperloop train systems, and many have struck deals to build prototypes and full-scale systems around the world, including the United Arab Emirates, Europe, and the U.S.