Hyperloop One Announces $50M New Financing Led by Dubai Port Operator
Two weeks ago HYPERLOOP ONE announced an additional $50 million of financing as it prepares for the world’s first demonstration of a full Hyperloop system in the first quarter of 2017. This brings the total financing raised by Hyperloop One to $160 million since its founding in 2014.
The latest financing round was led by DP World Group of Dubai, the third largest ports operator in the world, which recently announced an agreement with Hyperloop One to explore a Hyperloop system to move containers from ships docked at its flagship Port of Jebel Ali to a new inland container depot in Dubai. With this strategic investment, DP World’s Group Chairman and CEO His Excellency Sultan Ahmed Bin Sulayem will be joining Hyperloop One’s board, providing the Company with deep expertise in complex cargo handling and a global mindset that comes from operating a portfolio of 77 marine and inland terminals in six continents.
ATEL Ventures is also providing the Company with new equipment financing for its capital expansion as it continues to build out its 100,000-square-foot Metalworks fabrication facility and 137-acre Apex test and safety site in North Las Vegas, Nevada. Construction of the Company’s full-system development loop is underway as Hyperloop One prepares for its Kitty Hawk moment in the first quarter of 2017.
Hyperloop One is reinventing transportation by developing the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and sustainably. Our team has the world’s leading experts in engineering, technology and transport project delivery, working in tandem with global partners and investors to make Hyperloop a reality, now. Headquartered in Los Angeles, the company is led by CEO Rob Lloyd and co-founded by Executive Chairman Shervin Pishevar and President of Engineering Josh Giegel. For more information, please visit www.hyperloop-one.com.