Dp world Connects to Hyperloop with USD Multimillion Dollar Investment
Dubai, United Arab Emirates, On 13 October 2016: 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.
DP World is now a significant investor in Hyperloop One with DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem being elected to its Board of Directors. As part of the investment, Hyperloop One will benefit from DP World’s expertise in complex cargo handling operations and the experience DP World 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. The study will also focus on efficient handling of containers, costs, benefits, and demand and volume patterns of moving cargo using the new technology.