Transpod creates a subsidiary in France and announces three major partnershipsJanuary 24, 2019
Transpod – the Canadian Hyperloop company announced that it is starting a French subsidiary which will be responsible for the construction of the company’s test track near Droux.
The construction permit has been already granted for a 1 km long track which in the future may be extended by additional 2 kms. It will consist of a single tube, 2 meters in diameter. As a result it will be in its first phase twice as long as the Virgin Hyperloop One test track, however, almost only half the diameter. It will resemble the most the SpaceX Hyperloop tube built for the Pod Competition purposes.
In order to finance the construction of the test track the company needed to raise additional $50 million most of which is supposed to come from the grant from the European Union and Italian regional fund. Only $13 million will come from Venture Capitalists of which the company says $10 million is already secured.
The ground will break in spring this year and the commissioning may begin at the end of the year.
In addition to the creation of the subsidiary Transpod announced three major partnerships. One with ArcelorMittal – the biggest steel manufacturer in the world, second one with EDF – French electricity provider and La SADE which works on construction, research and maintenance of utilities.
Together with ArcelorMittal Transpod wants to work on special steel alloys for the tube. EDF is supposed to provide grid connection to the test track with 5 MW of power available.
TransPod is the second company expanding its presence in France after the Hyperloop Transportation Technologies. It is also worth noting that SNCF the French railway operator is one of the early investors in Virgin Hyperloop One. Despite France already well established High Speed Railway network the country seems still interested in the technologies which may supersede them.