- General
- December 5, 2018
- 7 minutes read
HyperloopTT inks Deal to Set Up 100 meter Test Track in Germany
HyperloopTT Los Angeles based Hyperloop Transportation Technologies, One of the four main startups competing to set up a high-speed transport…
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Los Angeles based Hyperloop Transportation Technologies, One of the four main startups competing to set up a high-speed transport system proposed by Tesla CEO Elon Musk has inked a deal to set up a 100-meter (328-foot) test track at the Port of Hamburg, Germany’s largest sea port which counts as the third busiest in Europe and 15th-largest globally.
It’s forming a joint venture with German logistics giant HHLA geared at bringing a tunnel-based hyperloop system to the country. Each firm will put in $3.5 million each on the effort which also includes an initial feasibility study on connecting a cargo-based Hyperloop system from an HHLA container terminal to container yards located further inland to expand the port’s capacity.
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| HyperloopTT |
“HHLA has a long history of innovation. Years before we were talking about self-driving vehicles, containers moved autonomously in Hamburg,” Hyperloop Transportation Technologies CEO and co-founder Dirk Ahlborn said. “Together, we will develop a complete system, that not only concentrates on speed and efficiency, but also takes into account the issues ports face in daily operation.”
“Together with HHLA, this joint venture will be able to develop a commercial product that fills a missing need in the port industry,” HyperloopTT Chairman and co-founder Bibop Gresta also stated. “We have one of the best possible partners to bring this to market globally.”
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| HyperloopTT CEO and co-founder Dirk Ahlborn
HyperloopTT
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| HyperloopTT Chairman and co-founder Bibop Gresta
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As of current, HyperloopTT’s team comprises of over 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, It also operates offices in the UAE, Slovakia, France, Brazil and Spain and has signed agreements in the United States, UAE, Brazil, France, India, China, Korea, Indonesia, Slovakia, Czech Republic, and Ukraine.
No commercial Hyperloop project exists as of yet as startups still work on development of this technology with multiple studies and hundreds of millions of investment put in so far, HyperloopTT is in competition with others such as Hyperloop One backed by Virgin Group founder Richard Branson. Hyperloop One has raised nearly $200 million so far while HyperloopTT is backed by over $30 million in investor capital.
