Hyperloop One, the Los-Angeles based company behind the speed-of-sound transport concept, have announced a further US$50 million in funding, provided in part by DP World.
Having announced the partnership between Hyperloop One and DP World in August, the port operator has now added to the $50 million in funding to allow the first full-scale test of the system in Q1, 2017.
The concept is built around the idea that an airless vacuum will reduce wind resistence and allow much faster transit speeds. Floating pods placed within an airless tube will transport people, and cargo at speeds of up to 750mph.
This is where DP World’s interest is piqued, as it offers an alternative method of transporting entire containers across land, at much greater speeds than either rail or road.
In addition to the latest round of funding, DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem, will be joining the board of Hyperloop One, as well as former Uber CFO Brent Callinicos.