Wednesday, 23 October, 2019

Virgin Hyperloop One and DP World Plan Cargo Shipping Business

Virgin Hyperloop One and DP World Plan Cargo Shipping Business Virgin Hyperloop One and DP World Plan Cargo Shipping Business
Russell Knight | 01 May, 2018, 00:15

DP World has launched Cargospeed, a partnership with Virgin Hyperloop One that will develop a hyperloop-enabled cargo system.

The event was hosted on the historic ship and hotel "Queen Elizabeth II" in Dubai, and attended by industry members and global leaders, including Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates, and Ahmed Bin Sulayem, DP World's group chairman and CEO.

Created to provide exceptional service for high-priority, on-demand goods, DP World Cargospeed systems will deliver freight at the speed of flight and closer to the cost of trucking".

"The UAE is keen to be a leading player in shaping the future of the world". On-demand deliveries are a novelty today.

"We have not encountered a major issue in terms of securing investors", a Virgin Hyperloop One spokesperson tells MEED.

If successful, areas connected will benefit certain markets, particularly when consignments such as high-priority, time-sensitive goods including fresh food, pharmaceuticals and electronics are involved, and the plan is to install the tubes so they will connect with key road, rail and air transport hubs.

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The route will become the first segment of DP World's Cargospeed, a planned global Hyperloop network connecting the various ports operated by DP World as well as airports around the world and catering to high priority and on-demand cargo.

The companies envision hyperloop-enabled freight transport systems to deliver palletized cargo faster than air, ground or sea but with costs as low as current trucking rates.

Hyperloop is a next generation mode of transportation now under development in which a pod-like vehicle is propelled through a near-vacuum steel tube at speeds of up to 300 meters per second. Magnetic levitation technology combined with a low-pressure tube environment enables the pods to move quickly with little friction. The technology facilitates autonomous operations created to reduce human errors and run with minimal delays. "Tomorrow it will be the expectation", said Richard Branson, Virgin Hyperloop One's chairman, at the launch event.

"Based on McKinsey's 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%".

Late a year ago, Virgin Hyperloop One named Branson as non-executive Chairman and raised an additional $50 million with investments from Caspian Venture Capital and DP World.

Now the two companies are linking themselves together even closer by. launching a new hyperloop system for cargo: DP World Cargospeed. DP World Cargospeed envisages a mixed-use approach, in which both passengers and cargo would share the infrastructure. It is fully electric, could be run using renewable energy and generates zero direct emissions.

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