Zeleros, the Spanish company leading the development of hyperloop in Europe, has completed a financing round worth more than €7m.
The company will move into a new phase of development of what is called the “fifth mode of transport” which could dramatically reduce journey times between cities.
Speeds of 1,000km/h
Hyperloop is a new means of ground transportation that can carry passengers and cargo at speeds of over 1,000km/h inside low pressure tubes. It is a fully-electric, zero direct emissions system and so has the potential to decarbonise long-distance transport.
Zeleros has issued a list of potential inter-city journey times which include Paris to Berlin at 90 minutes, Lisbon to Madrid at one hour, London to Edinburgh at less than an hour and Rome to Nice at one hour.
The new funds provide a major boost in enabling the company to develop and demonstrate its technologies in a real operating environment. A European Hyperloop Development Centre, to be set up in Spain, will include a 3km test-track to demonstrate the effectiveness of Zeleros’ technologies at high speed.
The aim of this project is to accelerate the development of the hyperloop industry in Europe, by creating an ecosystem of international industrial, technological and institutional partners.
“Hyperloop is a great development that requires the participation of first-class players and that is why from the beginning we decided to approach our project by creating a collaborative ecosystem,” said David Pistoni, chief executive officer.
“We combine Zeleros’ talented team and technology with the global experience provided by leading organisations in sectors such as railways, aeronautics, infrastructure and electrification.”
“For Zeleros it is key to have partners of this relevance and expertise on-board. Their support will accelerate the development of our technologies, unlocking the path towards hyperloop-based routes and corridors in Europe and worldwide.”
Among the investors following the latest funding round are engineering and consulting firm Altran and Grupo Red Eléctrica. Strategic investors at national and international level include Goldacre Ventures (United Kingdom), Road Ventures (Switzerland), Plug and Play (USA), and the Spanish Angels Capital and MBHA.
“As a world-leading engineering company, Altran acts as a technological catalyst in various strategic sectors,” said Pilar Rodríguez, strategy, innovation and research and development director at Altran Spain, the lead investor. “By supporting Zeleros, Altran is accelerating disruptive innovation in a sector, such as mobility, that is reinventing itself.
“With technologies like hyperloop we are changing the future of mobility. Altran has been collaborating with Zeleros since 2017 and will now contribute all of its experience and multidisciplinary talent to help the company accelerate the development of hyperloop technology.”