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Wed 18 Oct 2017
NEW YORK, NY (October 18, 2017) – Following a strategic partnership with the Virgin Group, Virgin Hyperloop One, the only company in the world that has built and successfully tested a full-scale Hyperloop system, today announced the appointments of a new Co-Executive Chairman, Ziyavudin Magomedov, Chairman of the Summa Group, and Vice Chairman, Jim Rosenthal, the former COO of Morgan Stanley, to its board of directors.
"We're privileged to have Ziyavudin appointed as Co-Executive Chairman and Jim join as Vice Chairman of the board of directors of Virgin Hyperloop One," said Shervin Pishevar, co-founder and Co-Executive Chairman of Virgin Hyperloop One. "In addition to Richard Branson joining the board, we have attracted and commanded the greatest minds to guide us as we position ourselves for global growth. Their proven leadership in their respective industries adds another dimension in helping us achieve our dream of bringing Virgin Hyperloop One technology to the world."
As the Chairman of The Summa Group, a diversified private holding company with significant global investments in port logistics, engineering, construction, telecommunications, innovative technologies and the oil and gas sectors, Mr. Magomedov brings his vast expertise in logistics and infrastructure, which will be beneficial as Virgin Hyperloop One works with government and private sector partners to build out its freight and shipping capabilities. The Summa Group employs more than 25,000 people in almost 40 regions of Russia and abroad. Mr. Magomedov's Caspian VC Partners fund has been a strategic and early investor in Virgin Hyperloop One. He will share responsibilities with Shervin Pishevar as they lead the board as co-chairmen.
Mr. Rosenthal brings his extensive experience in the financial sector, funding high growth companies, establishing solid governance and security policies. As the former COO of Morgan Stanley, Jim will help guide the company as it enters the commercialization phase of its product development. He is currently the co-founder and CEO of BlueteamGlobal, a cyber security company.
"I am honored to be named Co-Executive Chairman of the board alongside Shervin," said Ziyavudin Magomedov. "As an early investor in Virgin Hyperloop One, I am impressed by the progress the company has achieved in such a short timeframe to design and build the technology and make Hyperloop real. Virgin Hyperloop One will create new opportunities in shipping and supply chain distribution while driving significant value for a variety of industries that reinvents transportation as we know it. I can visualize a next generation Silk Road connecting the world with Virgin Hyperloop One technology."
"Both Ziyavudin and Jim join a board increasingly focused on global commercialization," said Rob Lloyd, CEO of Virgin Hyperloop One. "They join DP World Chairman HE Sultan Ahmed bin Sulayem on our global board. DP World was an important early investor, and Sultan has been a passionate advocate for our business since DP World's first investment. He continues to help us cultivate relationships in the Middle East and in India. All three Directors bring tremendous value in terms of international business and government relationships and experience in scaling a global business."
Last week, Virgin Hyperloop One announced a global strategic partnership with the Virgin Group to focus on passenger and mixed-use cargo service in addition to the creation of a new passenger division. Depending on the market, other brands could be used globally as well. Following the successful test at its "DevLoop" test track in Nevada this past summer, Virgin Hyperloop One continues to see a growing demand from governments and the private sector around the world with projects underway in the UAE, U.S., Canada, Finland, the Netherlands and India.
With Virgin Hyperloop One, passengers and cargo are loaded into a pod, and accelerate gradually via electric propulsion through a low-pressure tube. The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag. Virgin Hyperloop One's radically efficient and clean, all-electric technology is aligned with the Virgin Group's purpose-driven mission to deliver more sustainable modes of transportation.
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Virgin Hyperloop is the only company in the world that has successfully tested hyperloop technology at scale, launching the first new mode of mass transportation in over 100 years. The company successfully operated a full-scale hyperloop vehicle using electric propulsion and electromagnetic levitation under near-vacuum conditions, realizing a fundamentally new form of transportation that is faster, safer, cheaper, and more sustainable than existing modes. The company is now working with governments, partners, and investors around the world to make hyperloop a reality in years, not decades. Learn more about Virgin Hyperloop's technology, vision, and ongoing projects here.
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We're a privately-held company on a mission to create fast, effortless journeys that expand possibilities and eliminate the barriers of distance and time.
There are too many people caught bumper-to-bumper in traffic, who have to make a hard choice with their family on where to live and work, and who are limited in their access to experiences and opportunities. We're building a system that will give back time and deliver the travel experience of the future.
The number of cars is set to double worldwide by 2040, same with air and trucking. We are already dealing with the effects of pollution, lack of access, and congestion. If we only invest in the same technologies we’ve had for more than a century, tomorrow will look like today, only much worse. It’s been over a century since the Wright Brothers first showed us human flight was possible. It’s time for a new era in transportation capable of carrying us forward for the next 100 years.
To date, we have received over $400 million.
A major investor of ours is DP World, a leading enabler of global trade who sees the potential of sustainable hyperloop-enabled cargo systems. Additionally, we are backed by the Virgin Group, an industry leader across rail, aviation, ships, and even spacecrafts. For more on our investors, visit the company page.
Virgin Hyperloop One is the only hyperloop company that has a strategic partnership with a mass transportation company, the Virgin Group, an industry leader across rail, aviation, ships, and even spacecrafts. Another key partner of ours is DP World, a leading enabler of global trade who sees the potential of sustainable hyperloop-enabled cargo systems. Other industry-leading partners include Spirit AeroSystems, KPMG, Foster + Partners, Systra, BIG, SNCF, GE, Deutsche Bahn, Black & Veatch, McKinsey, Deloitte, Jacobs, Turner & Townsend, ARUP, and Steer, among others.
No, there’s no connection with Elon Musk.
We aren't just building a hyperloop; we're building a network of public and private partners to scale an integrated supply chain ecosystem. Our business model is based on partnerships that create local jobs and opportunities for those who choose to invest in this technology. We are working at the highest level of governments around the globe to put in place commercial agreements to make hyperloop a reality.
Hyperloop is a new mode of transportation designed to eliminate the barriers of distance and time for both people and freight. It can travel at speeds approaching 700mph, connecting cities like metro stops - and it has zero direct emissions. The journeys can be booked on demand so there’s no wait time or delays.
With hyperloop, vehicles, called pods, accelerate gradually via electric propulsion through a low-pressure tube. The pod floats along the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.
On May 12th, 2017, we made history two minutes after midnight when we successfully launched our vehicle using electromagnetic propulsion and levitation under near-vacuum conditions at our full-scale test site in the Nevada Desert. We've since run hundreds of tests, acquiring validated knowledge that only comes from real-world testing. For more info on DevLoop, our 500 m test track, visit our progress page.
We estimate that the top speed for a passenger vehicle or light cargo will be 670 miles per hour or 1080 kilometers per hour. That is about 3 times faster than high-speed rail and 10-15 times faster than traditional rail. The average speed vehicles travel will vary based on the route and customer requirements.
A perfect vacuum would decrease the drag on the vehicle even more, but not significantly. We have already gotten rid of 99.9% of the air in the tube. Lower levels of vacuum than this are important if you are performing scientific experiments, but the cost would not be worthwhile.
Hyperloop is an entirely new mode - think the best of trains, planes, and the metro. Hyperloop is on-demand, offering flexible travel schedules with no stops, no transfers, and no weather delays – all at speeds about 3 times faster than high-speed-rail and less cost. Hyperloop is highly efficient, with a smaller environmental impact than high-speed rail because the closed system can be tunneled below or elevated above ground, avoiding dangerous at-grade crossings. The VHO system is 100% electric and can reach higher speeds than high-speed rail for less energy due to our proprietary electric motor and low-drag environment.
Fast, effortless journeys go hand-in-hand with journeys where everything works reliably without interference, and where all passengers feel comfortable and safe. The Virgin Hyperloop is designed to be inherently safer than other modes, with multiple redundancies in place. Our system operates autonomously in an enclosed tube and is not susceptible to weather delays, accidents from at-grade crossings, human error, or power outages. Our proprietary high-speed switching architecture eliminates unsafe track configurations and moving trackside parts, a failure point of traditional rail with mechanical switches.
As new mode, we have to prove our safety case to regulators and work with them to develop a regulatory framework, so passengers can ride the hyperloop in years not decades. We are encouraged by the support we are seeing at the local and federal level around the world to support hyperloop certification based on the fundamentals of safe operating that are already standard practice. In March 2019, the U.S. Secretary of Transportation, Elaine Chao, created the Non-Traditional and Emerging Transportation Technology (NETT) Council to explore the regulation and permitting of hyperloop technology to bring this new form of mass transportation to the United States. This Council is an important step forward in recognizing hyperloop is a new transportation mode and that we need to shift our mindset and acknowledge that this technology does not fit into a regulatory structure that is over 100 years old. The European Commission’s Directorate-General for Mobility and Transport (DGMOVE) has also been leading discussions with hyperloop companies to advance regulatory standards and, in India, the Principal Scientific Advisor (PSA), Prof. Vijayraghavan, has set up an independent committee called the Consultative Group on Future of Transportation (CGFT) to explore the regulatory path for hyperloop. For more, visit our regulatory progress pages.
While flying through a tube at more than 1000km/h might seem like a thrill ride, the truth is we are able to mitigate any uncomfortable acceleration forces within our controlled environment. The journey will be so smooth, you could sip a coffee the whole time without spilling a single drop. Normal acceleration and deceleration of 0.20 Gs will feel similar to a train. As a comparison, flooring a typical sedan gives between 0.4-0.5 Gs and commercial airplanes see 0.3-0.5Gs depending on the plane and load.
Pods will continue to travel safely to the next portal even with a large breach. Our response to a breach would be to intentionally repressurize the tube with small valves places along the route length while engaging pod brakes to safely bringing all pods to rest before it is deemed safe to continue to the next portal. A sustained leak could impact performance (speed) but would not pose a safety issue due to vehicle and system architectural design choices. This assessment is based in solid understanding and analysis of the complex vehicle load behaviors during such an event.
Without a massive leap forward, pollution from the transportation industry is expected to almost double by 2050 - well above the carbon budget. By combining an ultra-efficient electric motor, magnetic levitation, and a low-drag environment, the VHO system can reach airline speeds for 5-10x less energy (depends on route length) and can go faster than high-speed rail using less energy. In regions like the Middle East, we could power the system completely by solar panels which cover the tube. As fighting against climate change becomes an existential issue for cities across the globe, hyperloop will create a new, shared, electric mobility model for helping to permanently reform an industry with some of the world’s highest carbon emissions.
We are designing Virgin Hyperloop to be more efficient than other modes of transportation. Modern jetliners use up to 10 times the energy we use per passenger-mile over the entire journey. We can cruise at 500 miles per hour for less energy (per passenger) than an electric car doing 60 miles per hour. At peak speed, the VHO system consumes approximately 75 watt hours per passenger kilometer (Wh/pax-km). To put this in perspective, the fastest conventional maglev train travels at about half our speed and consumes 33% more energy.
Our system is 100% electric with zero direct emissions. We're energy-agnostic. Our system can draw power from whichever energy sources are available along the route and support a transition to a renewable energy-powered future. In regions like the Middle East, we can completely power the system with solar panels which cover the tube.
It’s similar those new electric vehicles that are so quiet they need to create noise to indicate movement. With hyperloop, we eliminate sources of mechanical noise, like wheels on track, and we actually have a sound barrier inherent in our tube design
DP World Cargospeed is a global brand for hyperloop-enabled cargo systems operated by DP World and enabled by Virgin Hyperloop technology. These systems will deliver freight at the speed of flight and closer to the cost of trucking for fast, sustainable, and efficient delivery of palletized cargo.
The focus would be on high-priority, on-demand goods – fresh food, medical supplies, electronics, and more.
With DP World Cargospeed, deliveries can be completed in hours versus days with greater reliability and fewer delays. It will expand freight transportation capacity by connecting with existing modes of road, rail, ports, and air transport, and will provide greater connectivity with manufacturing parks, economic zones, distribution centers, and regional urban centers. This can shrink inventory lead times, help reduce finished goods inventory, and cut required warehouse space and cost by 25%. DP World Cargospeed networks can also enable just-in-time, agile manufacturing practices.
The Virgin Hyperloop is unique in that it doesn’t need to be passenger-only or cargo-only. We are designing a mixed-use system that fully utilizes system capacity while maximizing economic and social benefits. However, it is possible to run cargo commercial operations while certification and regulation are still ongoing for passenger use.
We are working with the most visionary governments around the world to make sure you can ride the hyperloop in years, not decades. Our goal is to have operational systems in the late 2020s. Our ability to meet that goal will depend on how fast the regulatory and statutory processes move.
We are working with visionary governments and partners around the world to make hyperloop a reality today. To learn more about our projects around the world, visit our progress page.
Capital and operating costs will range widely based on the route. We recently released a study that showed our linear costs are 60-70% that of high-speed rail projects. In addition, we expect the operational costs to be significantly lower than existing forms of transportation.
It’s simple – if it’s not affordable, people won't use it. We are looking to build something that will expand opportunities for the masses, so they can live in one city with their family and work in another. Currently, that kind of high-speed transport is not feasible for most people. The exact ticket price will vary for each route, but a recent study showed that riding a hyperloop in Missouri could cost less than the gas needed to drive.
We are in the business of serving local needs, not the other way around. Public and private support is key. In some cases, we will respond to solicited bids with partners when we feel the technology matches the project’s objectives. In other cases, we will make an unsolicited bid for a project when we see that hyperloop could offer a unique solution to market needs.
While the technology is different, the process for building a hyperloop is similar to that of building a highway, railway, or any other type of linear infrastructure. The first stage is project development. This phase includes feasibility studies, and then more detailed engineering reports and environmental impact studies. Once a project is approved to move forward, a consortium is formed to finance and deliver on the project.
Many infrastructure projects succeed or fail based on right-of-way issues. We are designing a system that requires only about half the right-of-way as high-speed rail and can more easily adapt to existing right-of-ways. At high speeds, the VHO system has a 4.5 times tighter turn radius compared to high-speed rail and can climb grades that are 6 times steeper, reducing the disturbance at crossings. Portals will be purposely integrated into and support existing communities and landscapes. Low noise levels will expand opportunities to build hyperloops closer to the city center.
Hyperloop also holds enormous promise for rural communities. Virgin Hyperloop systems can be built below or above ground, which means no one’s farm needs to be cut in half. Our system enables rural areas to retain residents, who can now have more access to urban job centers, educational opportunities, and health care facilities. Additionally, hyperloop could enable freight distribution centers to be placed in rural areas, leading to job growth and industrial clusters. After a system is built, there is the opportunity to add additional on and off-ramps, supporting a greater number of people along the route.
Transportation infrastructure has traditionally relied on extensive government funding. This is because the benefits of clean, safe, and efficient transportation are enjoyed by the entire community, not just the user buying a ticket. However, most existing mass transportation modes are unprofitable and hindered by existing infrastructure built in the past century or by legacy systems. We want to change that and are focused on public-private partnerships. By developing a new mode of transportation from scratch, we're able to leverage technological developments that have occurred in the last century, especially the IT revolution. We're able to keep maintenance costs low, energy efficiency high, and transport tens of thousands of passengers per hour. This keeps margins and accessibility high, contributing to more financially attractive returns than if the corridor was served by existing modes. These benefits aren’t just hypothetical. While this is an exceptional case due to high demand, a third-party evaluation found that our Mumbai-Pune Hyperloop Project could be funded 100% by private capital. In the U.S. we see enormous potential to attract investment from the private sector, leveraging public investments. Involving government stakeholders as well as potential private investors early in the project development process is critical.
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