Virgin Hyperloop One (VHO) has received a trade license from Saudi Arabia’s ministry of investment. The announcement was made at the US-Saudi Arabia Business Forum in Washington D.C. The deal will see VHO examining viable routes, expected demand, and anticipated costs.
The news follows a recent agreement between VHO and the ministry of transport (MoT) in Saudi Arabia to conduct a pre-feasibility study on the use of hyperloop technology for the transport of passengers and cargo, laying the groundwork for a network of hyperloop routes to be considered across Saudi Arabia.
Other VHO Partnerships in the Kingdom
Earlier in 2019, together with the King Abdullah Economic City (KAEC), VHO unveiled results of a study to create the Virgin Hyperloop One Center of Excellence (CoE), which, if approved, would include an integrated test track, and explores the feasibility of creating a manufacturing center and operating facility that will propel the Kingdom to the forefront of hyperloop development worldwide. The report also illustrated how the CoE will drive domestic value by adding to the creation of more than 124,000 high-tech local jobs, supporting the technology sector by incorporating advances in robotics and AI and driving an estimated $4billion increase in Saudi Arabia’s GDP by 2030.
VHO and Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) also announced a partnership to spur the country’s technology and transport development. Signed at the 2019 Future Investment Initiative, the California-based hyperloop company and the Kingdom’s leading private research institution have committed to working together to further support the development of the country’s technology and transportation sector.
The year before, VHO also entered a technology partnership with the MiSK Foundation, through which the company welcomed 20 Saudi students to its Los Angeles Innovation Campus. The purpose of the partnership was to create a connection between VHO and young, aspiring Saudi students that will spur innovation.
About Virgin Hyperloop
Virgin Hyperloop One is the only company in the world that has successfully tested its 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. They currently have projects underway in Missouri, Texas, Colorado, the Midwest, India, and the UAE.
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