Upon the closing of the transaction, the newly combined company will be named “Hyperloop Transportation Technologies'' and will continue to be led by Chief Executive Officer Andrés de León and the HyperloopTT management team.
What is hyperloop?
Hyperloop is a vacuum tube-based system that moves people and goods in levitating capsules at aeroplane speeds on the ground. These speeds are achieved by using passive magnetic levitation technology and a linear electric motor in a tube with minimal pressure, reducing resistance. As a mobility solution with transformative power, hyperloop is potentially cleaner, safer, healthier, and more efficient than existing forms of transportation.
A leading developer of hyperloop IP
Led by an experienced team of hyperloop business and technology professionals, HyperloopTT relies on a global network of technologists, scientists, engineers, and expert contributors, resulting in an asset-light technology development business model. Through this partner network, the company is driving a suite of next-generation technologies to power transportation in the future.
Since its inception in 2013, HyperloopTT has made significant progress towards the adoption of hyperloop systems. The company developed a full-scale hyperloop test track in Toulouse, France, a hyperloop insurance framework model, and model safety and certification guidelines.
With the deployment of the Company’s test track, HyperloopTT has built a robust technology portfolio relating to patents across levitation and propulsion, low-pressure tube transportation, and passenger experience.
These patents are the basis of a technology that combines sustainability with the ability to reach destinations faster, which can redefine the urban landscape, create new economic opportunities, and disrupt the $2+ trillion transportat industry.
Andrés de León, Chief Executive Officer of HyperloopTT said, “This transaction is a major milestone for HyperloopTT and the hyperloop industry as a whole. The transaction is a moment that could not have been possible without our countless supporters around the world, who have built HyperloopTT into a company that is perfect for this moment.
“Our innovative business model has allowed HyperloopTT to succeed, while facing enormous challenges. The team has worked tirelessly these past nine years to gain the support of the private and public sectors in countries around the world. We thank Forest Road for working with us through this process and embrace this next step with humility, gratitude, and determination.”
Tom Staggs and Kevin Mayer, Co-CEOs and Co-Chairpersons of the Board of Directors of Forest Road, commented, “When we were introduced to HyperloopTT, we quickly saw its potential to address some of the most profound transportation challenges of our time. The company has a deep base of intellectual property that gives it a robust competitive advantage in this space.
“The company’s asset-light ‘Hyperloop-as-a-Service’ business model is built to develop and support projects efficiently, presenting a possible solution that is environmentally and economically-minded. We believe their technology has the opportunity to create meaningful shareholder value and positively impact our world.”