Hyperloop One will be shut down after the company failed to create a new transportation concept.
The American transport company Hyperloop One, which planned to create high-speed communication lines in sealed tubes, is closing. Bloomberg reported this, citing informed sources.
Since its founding in 2014, Hyperloop One has raised $450 million. The company built a small test site near Las Vegas and was briefly called Virgin Hyperloop One after Richard Branson invested in Virgin. Virgin abandoned its own brand after the company decided to focus on cargo in 2022.
According to the publication’s source, the company has now laid off most of its employees and is trying to sell its assets, including the test line and equipment.
At the beginning of 2022, Hyperloop One employed more than 200 people. The company also closed its Los Angeles office. Other workers tasked with overseeing the sale of properties have been told their jobs will end on December 31.
Dubai-based conglomerate DP World has backed Hyperloop One since 2016 and holds a majority stake. The rest of the startup’s intellectual property will be transferred to DP World, the source said.
Let’s recall that in November 2020, the world’s first test of an ultra-high-speed transportation system with human passengers was conducted in the United States. In 2022, American businessman Elon Musk’s Boring Company announced the start of full-scale testing of the Hyperloop high-speed transport system.
As you know, in June 2018, the Ministry of Infrastructure of Ukraine signed a memorandum of cooperation with the Hyperloop company. Infrastructure Minister Vladimir Yemelyan argued that Hyperloop technology will be implemented in Ukraine in the next 5-10 years. In 2019, the new Minister of Infrastructure Vladislav Krykliy said that there is no Hyperloop project in Ukraine.
Source: korrespondent
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