Dubai: Hyperloop has taken yet another step towards reality with the US Department of Transportation announcing that projects will be eligible for Federal grants and loans. It comes after the US Department of Transportation and the Non-Traditional and Emerging Transportation Technology (NETT) Council issued a guidance document on a clear regulatory framework for hyperloop in the US.
“These hyperloop projects are just as eligible for grant as any maglev or magnetic levitation project,” said Finch Fulton, Deputy Assistant Secretary for Transportation Policy during the live-streamed event.
Virgin Hyperloop, of which DP World is the single largest investor, moves pods at high speed through tubes in near vacuum conditions, using electromagnetic propulsion and electromagnetic levitation. Once realised, hyperloop will be the first and most sustainable new mode of mass transportation in over a century.
Commenting on the announcement, Sultan bin Sulayem, Group Chairman and CEO of DP World and Chairman of Virgin Hyperloop, said: “The technology is advancing rapidly to build the first operational hyperloop system linking cities. We welcome the US Government’s announcements which demonstrate increasing confidence that Hyperloop has the potential to revolutionise mass-transportation. Our objective is to lead the way in hyperloop and to make the UAE a global hub for the development of the technology.”
Virgin Hyperloop has also been engaging with governments in the region including the UAE, Saudi Arabia and India.