Virgin Hyperloop, DP World to develop joint cargo hyperloop system
Virgin Hyperloop One and DP World are launching a new joint venture, DP World Cargospeed, two years after the high-speed transportation technology developer tapped the UAE-based shipping company in a $50mn financing.
The companys stated goal is to deliver palletised cargo more efficiently by combining super high-speed promise of hyperloop transportation with new logistics technologies to accelerate deliveries, along Virgin Hyperloop Ones planned routes between Mumbai and Pune in India; in Saudi Arabia, and in the United Arab Emirates.
DP World and the Virgin Hyperloop One introduced their joint initiative at a glitzy event hosted by Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, and Sir Richard Branson, Virgin Group Founder and Virgin Hyperloop One Chairman, at the historic vessel Queen Elizabeth 2. The event was graced by the presence of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
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Sultan Ahmed Bin Sulayem said: Throughout history, cargo has always been the catalyst for transport revolutions. With a bold vision for the future, Dubai has always pushed the boundaries of innovation. This spirit of innovation has enabled us to become a world leader in logistics. 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 Ones 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.
Sir Richard Branson remarked: The global growth of e-commerce is driving a dramatic shift in both consumer and business behaviour. 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 can revolutionise logistics, support economic zones, and create thriving economic mega-regions.
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Rob Lloyd, CEO of Virgin Hyperloop One, said: Based on McKinseys assessment of our technology, Virgin Hyperloop One-enabled supply chains can dramatically impact business bottom lines by reducing both finished goods inventory and required warehouse space by 25%. Collectively, we chose to call our Virgin Hyperloop-enabled cargo solution DP World Cargospeed, because speed is about more than just getting from A to B; its about optimising the entire end-to-end journey. DP World Cargospeed will offer unprecedented customer experience, reliability and the freedom from having to plan too far ahead.
No actual routes or investment costs were announced at the event, and it was highlighted that the Hyperloop plan connecting Mumbai-Pune in India would potentially be worked on before, prior to attention shifting to the systems in the UAE.
