Hyperloop One Secures $50 Million Investment from DP World Group
Hyperloop One, a company developing a high-speed transport system using travel capsules in near-vacuum tubes, has received a significant investment of $50 million from Dubai’s DP World Group. The investment, led by the world’s third-largest port operator, brings Hyperloop One’s total raised to $160 million.
The investment will be used to advance the development of Hyperloop One in Dubai and around the world. The company has already partnered with governments and transport partners in places such as Russia, Finland, Sweden, Switzerland and the ports of Los Angeles and Long Beach, California.
DP World has been actively involved with Hyperloop One and is looking to develop a Hyperloop system in the Gulf region. This new investment reinforces their commitment to the project. It is worth noting that Dubai Future Accelerators has already agreed with Hyperloop One to build the region’s first Hyperloop freight transport system.
This strategic investment comes at a critical time for Hyperloop One. The company is building a test track in the Nevada desert and a 100,000-square-meter manufacturing plant to build its first prototype. The company plans to conduct the first operational test of the Hyperloop train in the first quarter of 2017.
This investment not only provides the capital it needs, but also brings valuable knowledge in logistics, cost and revenue potential. The addition of Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, to Hyperloop One’s board brings significant knowledge of the maritime transportation industry.
Hyperloop One continues to attract top talent. The company recently appointed Brent Callinicus, former Google treasurer and Uber CFO, as its new financial advisor. This appointment is a testament to our commitment to financial prowess and growth.
With this new investment and ongoing global partnerships, Hyperloop One is poised to take significant steps toward realizing its vision for a revolutionary transportation system. The company is actively exploring various applications for its technology, including transporting goods through seaports.
