DP World and Virgin Hyperloop have joined to set up the 'DP World Cargospeed'
The historic move by the US to issue the long-awaited guidance on a clear regulatory framework for the safe deployment of the revolutionary hyperloop system will be critical in turning the new-age transportation concept into a reality in the UAE and other countries, DP World, a global leader in logistics, said on Wednesday.
Praising the move by the US House of Representatives to pass legislation seeking a regulatory framework for hyperloop systems within six months, DP World said the game-changing technology "is one major step closer to reality."
DP World, which is among those in the forefront to make the revolutionary idea a reality, and Virgin Hyperloop have joined to set up the "DP World Cargospeed" venture to provide hyperloop-enabled cargo systems that will facilitate the fast, sustainable and efficient delivery of palletised cargo around the world.
First proposed by Elon Musk, the Hyperloop is a high-speed transportation system in which specialized pods are accelerated through a low-pressure tube to achieve speeds near the speed of sound. The system is intended to provide a more cost-effective and faster mode of travel between cities separated by distances less than approximately nine hundred miles.
Hyperloop systems would not only support passengers but also high-priority, on-demand goods, allowing deliveries to be completed in hours versus days with greater reliability and fewer delays. This can shrink inventory lead times, help reduce finished goods inventory and cut required warehouse space and cost by 25 per cent.
"We applaud hyperloop's bipartisan supporters for their forward-leaning stance on advanced technologies, including several innovative provisions that will support the transportation sector in the 21st century and beyond," said Sir Richard Branson, Founder of the Virgin Group.
The Non-Traditional and Emerging Transportation Technology (NETT) Council in the US is expected to issue guidance within the next six months to help set out a clear regulatory framework for the industry.
Sultan Bin Sulayem, group chairman and CEO of DP World and chairman of VH, said the revolutionary vision promises to become part of the future of transportation. "We are confident that Virgin Hyperloop will take a leap forward and deliver on a 21st-century transportation solution. The decision is a huge vote of confidence that we are all on the right side of history. The move, which brings hyperloop systems one major step closer to reality, validates our decision to take this technology seriously and support this innovation."
Virgin Hyperloop has been engaging with governments in the region including UAE, Saudi Arabia, and India. It recently conducted the world's first national-level study in partnership with the Saudi Ministry of Transport.
"We seek to revolutionise regional transport and trade sectors through a passenger and cargo hyperloop-enabled system, powered by artificial intelligence (A," said Sulayem.
This month, Virgin Hyperloop signed a Memorandum of Understanding with the UAE's Mohamed bin Zayed University of Artificial Intelligence, the world's first graduate-level, research-based AI university, to initiate a collaborative approach to research and innovation that we believe will culminate in making the UAE a centre for the development of this technology.
"Our aim is to be a catalyst for global adoption and expansion of this new mode of transportation that will be faster, safer, cheaper, and more sustainable than other existing modes," said Sulayem.
Virgin Hyperloop is the California-based category leader in hyperloop development and the only hyperloop company in the world to successfully test its hyperloop technology at scale. It has raised more than $400 million in investments, including funds from DP World.
"DP World has been a key enabler of developing this technology for deployment, and the inclusion of hyperloop transportation in this legislation is a great moment in history for us and for DP World," said Jay Walder, Virgin Hyperloop CEO.
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