DP World has become a “significant investor” in Hyperloop One and had its leader Sultan Ahmed Bin Sulayem elected to the futuristic US transportation company’s board of directors.
The announcements add hard cash to the MoU the global terminal operator signed with Hyperloop One in August to investigate the feasibility of moving containers from ships docked at its flagship Jebel Ali Port to a terminal 29km inland via a partial subsea hyperloop.
Financial details have not been disclosed beyond a DP World statement detailing a “multimillion dollar” investment “for the continued research and development of Hyperloop technology building on the company’s successful test in May 2016”.
A team of Hyperloop One engineers and designers are currently participating in the “Dubai Future Accelerators” initiative, a 12-week programme that has brought high-tech companies from around the globe to the UAE’s economic hub to prototype large-scale solutions for social and environmental challenges.
Hyperloop One is working in tandem with Dubai’s Roads and Transport Authority (RTA) and intends proving to the emirate’s leadership how a Hyperloop One network will reduce congestion in Dubai by 20% and emissions by 30%. It has also promised to unveil a new Hyperloop passenger experience that will “change how the world thinks about transportation” on November 7.
Hyperloop One CEO Rob Lloyd has previously said the maritime partnership with DP World could be operational by 2020.
“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.”Sulayem, DP World’s group chairman and ceo (pictured above right), is excited by the prospect.
“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 realising our vision to lead the future of world trade,” the Emirati said.
“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.”
As part of the investment, Hyperloop One will benefit from DP World’s expertise in cargo handling operations accumulated across its global portfolio of 77 marine and inland terminals in six continents, Sulayem said.