Hyperloop One

Not to be confused with Hyperloop Transportation Technologies.
Hyperloop One
Industry High-speed transport
Founded 2014
Headquarters Los Angeles, Calif.
Key people
Number of employees
 200
Website hyperloop-one.com

Hyperloop One, previously known as Hyperloop Technologies,[1] is a company in Los Angeles, California, that is leading the effort to commercialize the Hyperloop for moving passengers and/or cargo at airline speeds at a fraction of the cost of air travel. The concept of Hyperloop transportation was introduced and named by Elon Musk in August 2013, although he is not involved with Hyperloop One.

The Hyperloop uses a linear electric motor to accelerate and decelerate an electromagnetically levitated pod through a low-pressure tube. The vehicle will glide silently for miles at speeds of up to 1,000 km/h (620 mph) with no turbulence. The system is designed to be entirely autonomous, quiet and on-demand (departures every 10–20 seconds) and, as it is built on columns or tunneled underground, eliminates the dangers of at-grade crossings and requires much smaller rights of way than high-speed rail or a highway.[2] Hyperloop One has made substantive technical changes to Musk's initial proposal and chose not to pursue the San Francisco-to-Los Angeles route that Musk envisioned in his 2013 white paper.

The company has raised $160 million[3] and successfully demonstrated its propulsion technology in May 2016 at its test site north of Las Vegas [4] and is currently building DevLoop, its full-system test track. Hyperloop One expects to achieve "first flight" of the complete system (with levitation, propulsion, pod vehicle, control systems and low-pressure tube) early in 2017.[5] Hyperloop One is developing passenger and cargo system routes in the United States, Finland, the United Arab Emirates, Russia and Switzerland. Its publicly stated goal is to deliver a fully operational Hyperloop system by 2020.[6]

History

The idea for Hyperloop One emerged from a conversation between Elon Musk and Silicon Valley investor Shervin Pishevar, who were flying to Cuba in January 2013 on a humanitarian mission. Pishevar asked Musk to elaborate on his Hyperloop idea, which the industrialist had been mulling for some time. Pishevar suggested using it for cargo, an idea Musk hadn’t considered, but he did say he was considered open-sourcing the concept because he was too busy running SpaceX and Tesla. Pishevar asked Musk if he could build it and Musk said, “yes.”[7]

In August 2013, Musk released the Hyperloop Alpha white paper, generating widespread attention and enthusiasm. In the months that followed Pishevar incorporated Hyperloop Technologies and recruited the first board members including David Sacks, Jim Messina and Joe Lonsdale. Pishevar also recruited a cofounder, a former SpaceX engineer named Brogan Bambrogan. Hyperloop Technologies set up shop in Bambrogan’s garage in L.A. in November 2014. By January 2015 Hyperloop Tech had grown big enough to move into its current campus in downtown LA and had raised $9 million in venture capital from Pishevar's Sherpa Capital and investors such as Formation 8 and Zhen Fund. FORBES magazine put Hyperloop Tech on its February 2015 cover, landing the startup lots of fresh recruits and new investor interest. In June 2015, Pishevar recruited former Cisco president Rob Lloyd as an investor and, eventually, its CEO.[8][9]

Between June 2015 and December 2015, the company continued to hire engineers and expand its downtown campus (now up to 3 acres and 55,000 square feet). In December 2015, Hyperloop One announced it would hold an open-air propulsion test at a new Test and Safety Site in Nevada. At the time, the company disclosed it had raised $37 million in financing to date and was currently completing a Series B round of $80m.[10]


The propulsion open-air test, or POAT, was successfully held on May 9, 2016, in Nevada. The POAT sled accelerated to 116 mph (187 km/h) in 1.1 seconds, representing a crucial proof of concept. At the time Hyperloop One announced it had closed on its $80 million round and secured partnerships with global engineering and design firms such as AECOM, SYSTRA, Arup, Deutsche Bahn, General Electric, and Bjarke Ingels.[11]

In June 2016 the company announced a memorandum of understanding with the Summa Group and the Russian Government to construct a Hyperloop in Moscow.[12]

In early July 2016, Hyperloop One released the first business case for a real Hyperloop system, a 500-km network that would connect Helsinki with Stockholm across the Aland Islands. The system would reduce journey times between the two capitals to 30 minutes from a four-hour trip via the airport or an overnight ferry. The route system is forecasted to generate 1 billion euros per year from fares and save the region 312 million euros per year in time value.[13]

In late July 2016, Hyperloop One opened a 100,000 sq ft (9,300 m2) tooling and machine shop called Hyperloop One Metalworks in North Las Vegas, Nev., where it has begun fabricating the parts for the Devloop full-scale system test track.[14]

In August 2016, Hyperloop One announced a deal with the world's third largest ports operator, DP World, to develop a cargo offloader system at DP World's flagship port of Jebel Ali in Dubai.[15] In October, Hyperloop One announced it had raised another $50 million, led by an investment from DP World.[16]

On November 8, 2016, Hyperloop One announced it had signed a deal with Dubai’s Roads and Transport Authority (RTA) to conduct a number of feasibility studies on potential passenger and cargo Hyperloop routes in the United Arab Emirates. Hyperloop One also released its first system designs in collaboration with the Bjarke Ingels Group.[17]

The first full-system test of Hyperloop One's technology will begin in early 2017.

Funding

Hyperloop One has raised $160 million to date. Its investors include Sherpa Capital, Formation 8, 137 Ventures, DP World, Caspian Venture Capital, FAST Digital, Zhen Fund, GE Ventures and SNCF.[18]

Management

The CEO of Hyperloop One is Rob Lloyd, former Cisco President of Sales and Development.[19] The co-founder and President of Engineering is Josh Giegel. The chief financial advisor is Brent Callinicos, the former CFO of Uber Technologies.

The board of directors include co-founder Shervin Pishevar,[19] Joe Lonsdale, Justin Fishner-Wolfson, Jim Messina, Peter Diamandis, Sultan Ahmed Bin Sulayem, Ziyavudin Magomedov, Rob Lloyd, and Emily White as a board observer and strategic adviser.[20]

Lawsuits

In July 2016, the CTO and co-founder Brogan BamBrogan left the company,[21] later filing a lawsuit with three other former employees alleging breach of fiduciary duty and misuse of corporate resources.[22] On July 19, 2016, Hyperloop One filed a countersuit against the four former employees, alleging they staged a failed coup of the company, in the process breaching of agreements around fiduciary duty, non-competes, proprietary information and non-disparagement, as well as intentional interference with contractual relations.[23] On November 18, 2016, both parties agreed to settle the lawsuit. Terms were confidential and not disclosed.[24]

See also

References

  1. ↑ Clark, Bryan (May 11, 2016). "Hyperloop Technologies drops a new name ahead of its first public track test". The Next Web. Holland. Retrieved May 11, 2016.
  2. ↑ "Hyperloop One web site".
  3. ↑ "Hyperloop One Raises Another $50 Million for Full-Scale Test". Fortune.
  4. ↑ "Hyperloop Futuristic Transportation System Has Its 1st Public Demo". NPR. May 11, 2016.
  5. ↑ "Hyperloop One aims for full-scale test with new $50 million financing". Reuters. October 12, 2016. Retrieved November 15, 2016.
  6. ↑ "Hyperloop plans prototype transport system in Dubai by 2020". Financial Times. November 8, 2016. Retrieved November 14, 2016.
  7. ↑ "Hyperloop Is Real: Meet The Startups Selling Supersonic Travel". Forbes. February 11, 2015. Retrieved November 14, 2016.
  8. ↑ "Hyperloop Is Real: Meet The Startups Selling Supersonic Travel". US: Forbes. February 11, 2015. Retrieved November 11, 2016.
  9. ↑ Singleton, Micah (February 11, 2015). "Hyperloop Technologies is trying to make Elon Musk's dream a reality". The Verge. US. Retrieved October 25, 2015.
  10. ↑ "Hyperloop Technologies Inc. Announces Land Deal For Propulsion Open Air Test in North Las Vegas, Nevada". Business Wire.
  11. ↑ Walker, Alissa (May 10, 2016). "Here's What the First Full-Scale Test of the Hyperloop Will Look Like [Updated]". Gizmodo. US: Gawker Media. Retrieved 11 May 2016.
  12. ↑ della Cava, Marco (June 21, 2016). "Hyperloop One unveils Russia deal with goal of new Silk Road". USA TODAY. Retrieved June 22, 2016.
  13. ↑ "Hyperloop One, FS Links And KPMG Publish World's First Study Of Full Scale Hyperloop System".
  14. ↑ Davis, Matthew (July 28, 2016). "Hyperloop One has begun producing parts for a full-scale prototype". The Verge. US. Retrieved July 30, 2016.
  15. ↑ "Hyperloop One, DP World Sign Agreement To Pursue A Hyperloop Route In Dubai".
  16. ↑ "Hyperloop One wins backing from DP World".
  17. ↑ "Hyperloop One releases "comprehensive concept design" for high-speed rail in Dubai". Ars Technica.
  18. ↑ "The Little Engine That Might? Hyperloop One Boosts Funding; Names Ex-Uber CFO As Adviser". Forbes. Retrieved November 14, 2016.
  19. 1 2 Chee, Alexander (November 30, 2015). "The Race to Create Elon Musk's Hyperloop Heats Up". Wall Street Journal. US. Retrieved February 21, 2016.
  20. ↑ "Hyperloop One - Team". US: Hyperloop One. 2016. Retrieved November 14, 2016.
  21. ↑ Geuss, Megan (July 1, 2016). "CTO and co-founder of Hyperloop One leaves amid reported tensions". Ars Technica. Retrieved July 20, 2016.
  22. ↑ Geuss, Megan (July 12, 2016). "Former Hyperloop One CTO alleges executive placed a noose in his office". Ars Technica. Retrieved July 20, 2016.
  23. ↑ Geuss, Megan (July 20, 2016). "Hyperloop One accuses former employees of staging a coup". Ars Technica. Retrieved July 20, 2016.
  24. ↑ "Hyperloop One Settles Employee Lawsuit". Los Angeles Business Journal. November 21, 2016. Retrieved November 21, 2016.

External links

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