Hyperloop One, a Los Angeles, CA-based developer of the world’s first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and sustainably, raised an additional $50m in funding.
The round was led by DP World Group of Dubai, 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 expertise in complex cargo handling. Ziyavudin Magomedov, the Chairman of The Summa Group, a diversified private holding company with investments in port logistics, engineering, construction, telecommunications and the oil and gas sectors, is also joining the company board.
In addition, Atel Ventures is providing new equipment financing.
Hyperloop One – which has raised $160m in total financing since its founding in 2014 – is preparing the world’s first demonstration of a full Hyperloop system in the first quarter of 2017. To this end, the company is building out a 100,000-square-foot Metalworks fabrication facility and 137-acre Apex test and safety site in North Las Vegas, Nevada.
The company also announced that finance executive Brent Callinicos has joined the executive team as a full-time strategic advisor to the CEO
Rob Lloyd and Board of Directors. The management team includes Lloyd, Shervin Pishevar, co-founder and Executive Chairman, and Josh Giegel, President of Engineering.