Zeleros raises €7m to help develop a European hyperloop

2 Jun 2020371 Views

A digital rendering of the Zeleros hyperloop. Image: Zeleros

Valencia-based start-up Zeleros has raised €7m to support the development of a European hyperloop.

On Monday (1 June) Spanish technology company Zeleros announced that it has raised €7m in funding to lead the development of a hyperloop in Europe.

A hyperloop is a proposed form of passenger and freight transportation that would enable vehicles to travel through a network of low-pressure tubes, minimising air and ground friction.

Zeleros said that a European hyperloop network could reduce more than 7m tonnes of greenhouse gas emissions each year, while connecting major cities and logistics hubs.

The company said that with the €7m in funding, it begins a “new and important phase” in the development of its hyperloop. It described the hyperloop as the “best alternative” for the future of transport, connecting long-distance routes for passengers and cargo. It claimed that travel time from Paris to Berlin could be reduced to less than an hour.

Plans for the funding

The latest funding round was supported by Altran, Grupo Red Eléctrica, Goldacre Ventures, Road Ventures, Plug and Play, MBHA and Spanish Angels Capital.

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With the funding, Zeleros said it will develop its hyperloop vehicle and its core technologies, which aim to cover routes between 400 and 1,500km in distance.

David Pistoni, CEO of Zeleros, said: “It is key to have partners of this relevance and expertise on board. Their support will accelerate the development of our technologies, unlocking the path towards hyperloop-based routes and corridors in Europe and worldwide.”

Pistoni added that the company is eager to close in on the multibillion-euro market opportunity that this type of transport infrastructure could represent in the coming decades.

The company said it is now looking at the deployment of the European Hyperloop Development Centre in Spain, which will include a 3km test track to demonstrate the technology at high speed.

The project aims to accelerate the development of the European hyperloop industry by creating an ecosystem of international industrial, technological and institutional partners. In addition to its hyperloop plans, the Valencia-headquartered company is also working to develop advanced mobility solutions for the automation of ports and airports.

Juan Vicén, chief marketing officer at Zeleros, said: “This technology will be a crucial tool to strengthen the achievement of the UN Sustainable Development Goals as well as the European Green Deal.”

Kelly Earley is a journalist with Siliconrepublic.com

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