The head of a Hyperloop company said Tuesday he hopes to announce the location of the first commercial track for the technology as early as this year.

Hyperloop Transportation Technologies CEO Dirk Ahlborn said at the in Davos, Switzerland, that HTT is on the brink of a major announcement.

"This is going to be a busy year. We are expecting to announce the first commercial track this year," he said.

HTT is one of the companies developing Elon Musk's idea for super-fast transportation. The transport system concept envisions propelling pods through tubes using magnets, reaching speeds akin to those of airplanes. Several companies are working to develop the idea.

Ahlborn would not be drawn into revealing many details but conceded that locations in Asia and the Middle East may provide more of an obvious economic solution.

He said the real test of building a Hyperloop is creating fresh safety regulations to cover the new technology. But he added that if those hurdles can be overcome, then he expects public use could happen within three years.