DP World and Virgin Hyperloop One have partnered to create new global company seeking to revolutionize global freight transportation using the futuristic hyperloop technology.
The new company, called DP World Cargospeed, was announced this week during a ceremony aboard the Queen Elizabeth 2 floating hotel in Dubai.
“Designed to provide exceptional service for high-priority, on-demand goods, DP World Cargospeed systems will deliver freight at the speed of flight and closer to the cost of trucking,” the partners said of the technology in a joint press release.
The planned system aims to transport palletized cargo, specifically high-priority, time-sensitive goods such as fresh food, medical supplies, and electronics, at top speeds of 1000 km/h (621 mph) using the Virgin Hyperloop One system. “It will expand freight transportation capacity by connecting with existing modes of road, rail, port and air transport,” the press release said.
“The global growth of e-commerce is driving a dramatic shift in both consumer and business behavior,” said Virgin Group Founder and Virgin Hyperloop One Chairman Sir Richard Branson. “On-demand deliveries are a novelty today. Tomorrow it will be the expectation. DP World Cargospeed systems powered by Virgin Hyperloop One will enable ultra-fast, on-demand deliveries of high-priority goods and will revolutionize logistics, support growth, and create thriving economic regions.”
Virgin Hyperloop One is the only company in the world that has built a fully operational hyperloop system. The company is backed by key investors including DP World, Caspian VC Partners, Virgin Group, Sherpa Capital, Abu Dhabi Capital Group, SNCF, GE Ventures, Formation 8, 137 Ventures, WTI, among others.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem, commented: “We have made a significant investment in Virgin Hyperloop One because we see the need for a hyperloop-enabled cargo network to support rapid, on-demand deliveries globally. We believe in Virgin Hyperloop One’s long-term vision. They are the right partner to shape the future of global logistics, and we look forward to developing the first DP World Cargospeed systems with them.”