Virgin Hyperloop One has signed an agreement with the Spanish administrator of railway infrastructures to open a development centre in the Andalusian region.
The Advanced Technology Development and Testing Centre will be the company’s first European facility and is valued at around US$500 million.
In return for the investment, Virgin Hyperloop One will obtain €126 million in public aid through loans and grants to establish the new centre, which will help the company advance its technology development and testing.
Virgin Hyperloop One claims the centre will also stimulate regional economic growth and job creation. The company estimates it will hire 200 to 300 high-tech skilled professionals for the project.
The agreement, facilitated by the Spanish state-owned infrastructure agency ADIF, was signed by ADIF president Isabel Pardo de Vera Posada and Virgin Hyperloop One CEO Rob Lloyd.
Lloyd commented: “With its robust transportation, aerospace and high-tech sectors in turn paired with outstanding regional talent, Spain is an ideal fit for Virgin Hyperloop One’s Advanced Technology Development and Testing Centre. By investing in the development and testing of Virgin Hyperloop One, Spain is extending its long tradition as an innovative, global transport leader. We are excited to partner with such a forward-thinking country in developing the next generation of transportation.”
A statement from ADIF said: “The location of the centre in our country will lead to important high-value commercial opportunities and will boost economic growth in the region. The agreement with Virgin Hyperloop One will help us to deepen the willingness to face new technological challenges, contributing to reinforce our leadership in the development of transport infrastructures in the international arena.”
The 19,000 sqm centre is due to open in 2020. It will be used to develop, test and certify components and subsystems to improve the safety and reliability of hyperloop systems.
Virgin Hyperloop One currently operates a testing facility in the Nevada Desert and completed its first full-scale test at the site in May 2017, with subsequent tests yielding higher speeds.
The company has been receiving worldwide attention, with local and national governments around the world launching studies to determine the feasibility of high-speed travel tracks in their regions.
It received financial backing from the Virgin Group after Sir Richard Branson witnessed a test in Nevada and was rebranded to become part of the group.
Branson claims a hyperloop track could make it possible to travel from Edinburgh to London in 50 minutes.
hyperloop-one.com