Hyperloop One has announced further funding of the equivalent of over R712 million from DP World, increasing its original seed money to almost R2.3 billion.
This will allow the Los Angeles-based company to conduct the first full-scale test of its ‘speed of sound’ system in the first quarter of next year.
It is based on the concept that an airless vacuum will reduce wind resistance, allowing floating pods in an airless tube to transport passengers and cargo at just over 1 297 kilometres per hour.
According to reports, DP World’s interest is that the Hyperloop system allows much faster overland transport of containers than either road or rail.
Another part of the deal is that the DP group chairman and CEO, Sultan Ahmed Bin Sulayem, will join the board of Hyperloop One, as will former Uber CFO Brent Callinicos.
