Dubai Invests $50m in Hyperloop
Dubai Invests $50m in Hyperloop

Dubai Invests $50m in Hyperloop

Dubai Invests $50m in Hyperloop

DP World has announced that it is investing $50 million in Hyperloop One to help the company complete its full-scale test track in Nevada and bring the concept one step closer to the first commercial system.

The Persian Gulf city of Dubai and its wider port area are being described as the first place to get a full-scale commercial hyperloop system, the way-off system that future-talker Tesla CEO Elon Musk has envisioned would shuttle people across continents in a couple of hours.

It was announced in August that DP World, one of the world’s biggest marine port operators, including of Dubai’s Jebel Ali Port, has signed a deal with Hyperloop One, the main company developing a Hyperloop system, and DP World, in order to evaluate and develop a potential Hyperloop cargo offloader at the port, according to Elektric.

Hyperloop One chairman, Iranian-born Shervin Pishevar, confirmed the news in an interview with the Wall Street Journal. He also announced that the company hired former Uber CFO Brent Callinicos as chief financial adviser—the company does not have a chief financial officer, but apparently, that’s the most similar role.

A Hyperloop involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods could shuttle people and cargo at speeds of up to 750 mph (1,200 kph).

Callinicos is tasked with funding Hyperloop One’s ambitions to create the fifth mode of transport first envisioned by Musk.

With the latest $50 million in debt financing from DP World, Pishevar says that the company has now raised $160 million and it plans another equity round during the first half of 2017 after having completed the test track in Nevada.

The test track will be a proof-of-concept for future versions of the hyperloop. The one of interest to DP World for Dubai’s Port of Jebel Ali would be both underwater and optimized for cargo.

They would create a hyperloop system between the marine port and what would become an inland container port to free up valuable portside real estate and reduce cargo traffic in the region.

The company’s top brass is in Dubai right now coming up with the details of the system and there will be a demonstration next month.


Short URL : https://goo.gl/VN5JLI
  1. https://goo.gl/yziC41
  • https://goo.gl/5mXVqF
  • https://goo.gl/0xJEYP
  • https://goo.gl/v4jOZS
  • https://goo.gl/0ksRSg

You can also read ...

Italian investment companies remain active in Iran, despite...
Iranian Insurance Firms' Premium Income Exceeds $1.2b in H1 (Mar-Sep 2018)
Iran insurance industry earned 183 trillion rials ($1.28...
Iran, India Leading Global Ammonia Capacity Growth
Iran and India will continue to lead the global ammonia market...
Iran Auto Industry Hither and Thither
Over the past few days, Iran’s beleaguered auto industry has...
Iran-Russia Non-Oil Trade Sees Over 80 Percent Hike (September 2018)
Iran traded 956,662 tons of non-oil commodities worth close to...
US Sanctions Against Iran Ridicule Int'l Norms
Foreign Ministry Spokesman Bahram Qasemi on Wednesday...
First-Timers Constitute 20% of Tehran Homebuyers
First-time homebuyers have accounted for a 20% share of total...
Iran Slips 1 Spot in WEF's Global Competitiveness Index
The World Economic Forum’s “Global Competitiveness Report 2018...

Add new comment

Read our comment policy before posting your viewpoints