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Hyperloop One shuts down amid contract failures and asset liquidation
Industry News- Dec 25,23
Headquartered in Los Angeles, the company, known for achieving the world's first passenger ride on a super high-speed levitating pod system in 2020, will liquidate its remaining assets.
Hyperloop One, the high-speed freight transportation company, is set to cease operations after facing challenges in securing contracts for the construction of a functional hyperloop, as reported by Bloomberg News, citing sources familiar with the situation.
Headquartered in Los Angeles, the company, known for achieving the world's first passenger ride on a super high-speed levitating pod system in 2020, will liquidate its remaining assets. The remaining workforce will conclude employment on December 31 of this year, according to the report.
The hyperloop concept, utilising magnetic levitation for nearly silent travel, promised to drastically reduce travel times. For instance, a hyperloop trip between New York and Washington was projected to take just 30 minutes—twice as fast as a commercial jet flight and four times faster than a high-speed train.
The concept gained renewed interest in 2013 when Elon Musk outlined the workings of a modern hyperloop system. Musk's own venture, The Boring Company, is actively exploring the development of an intercity system using giant underground vacuum tubes for passenger transport.
Founded in 2014, Hyperloop One successfully raised over $400 million, with substantial investments coming from DP World, a shipping company based in the United Arab Emirates, and British billionaire Richard Branson.
Source: Business Today
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