The Strategist

Bloomberg: Hyperloop One project to be closed soon

12/25/2023 - 02:22

The business did not receive a single order for its functional, actual system for extremely quick passenger tunnel transportation.

Kevin Krejci
Kevin Krejci
According to Bloomberg, citing sources, the company Hyperloop One, which invented the technology enabling passenger vacuum train travel through tunnels at high speeds, is about to shut down.

The agency reports that it has never been able to obtain an order for a system that is actually operational.

One of the sources claims that the business has fired nearly every employee and is attempting to sell its remaining assets, which include machinery and a test tunnel. The agency remembers that the organization had more than 200 employees at the start of 2022. The Los Angeles office of the corporation closed. The remainder of the company's staff was informed that they would be let go on December 31.

The global logistics giant DP World, based in Dubai, is the company's biggest stakeholder and investor, and will receive the remaining intellectual property rights of Hyperloop.