DP World connects to Hyperloop with $50 mln investment

People look at a model of a test sled after a test of a Hyperloop One propulsion system, on May 11, 2016, in North Las Vegas, Nevada. (AP)

Global trade enabler DP World has announced a USD multi-million dollar investment in US based Hyperloop One to provide funds for the continued research and development of Hyperloop technology building on the company’s successful test in May 2016.

According to TechCrunch, the leading technology website dedicated to startups, new Internet products, and breaking tech news, DP World’s strategic investment is to the tune of $50 million bringing up the total raised by Hyperloop One to $160 million.

DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem was also elected to Hyperloop One’s Board of Directors.

According to a DP World press release, as part of the investment, Hyperloop One will benefit from the Dubai-based port operator’s expertise in complex cargo handling operations and the experience the global logistics company has accumulated across its global portfolio of 77 marine and inland terminals in six continents.

The move follows the recent Memorandum of Understanding between the two companies to explore the role of innovation in the future of world trade through feasibility studies that analyses the value of using Hyperloop systems in the UAE.

Phase 1 of the MOU announced in August has an initial focus on moving containers from ships docked at DP World’s flagship Jebel Ali Port via the Hyperloop system to a new inland container depot in Dubai.  

Container handling 

The study will also focus on efficient handling of containers, costs, benefits, and demand and volume patterns of moving cargo using the new technology.

Sulayem, said: “DP World and Dubai are at the forefront of technological innovation in the transport and logistics industry and we continue to seek opportunities to invest in and utilize our expertise to develop disruptive technology.

“We are exploring many innovations in our sector and our collaboration with Hyperloop One is just one example illustrating our support of creativity and our commitment to research and development, using technologies to make our operations more efficient. The world is changing quickly and we want to be involved in the potential this kind of innovation presents, connecting markets and economies around the world and realizing our vision to lead the future of world trade.”

Rob Lloyd, CEO, Hyperloop One, said: “We are excited to continue our strong partnership with DP World as well as welcome Sultan Ahmed Bin Sulayem to our Board of Directors. These latest moves strengthen our company from a global perspective as we move towards showcasing the world’s first Hyperloop early next year.”
 

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Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49
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