Hardt Hyperloop to resume work after multi-million-euro investment
Hardt Hyperloop says a multi-million-euro investment led by US investor Green Rock will allow it to resume work after its bankruptcy in March. The amount raised has not been disclosed.
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Dutch company Hardt Hyperloop says it will resume work after going bankrupt in March, following a multi-million-euro investment led by US investor Green Rock. The company has not disclosed the amount raised.
Hardt says existing investors and shareholders also took part in the funding round. It plans to use the money to develop its technology, prepare planned hyperloop projects and start new ones.
The Rotterdam-based company is developing a system intended to carry passengers in capsules through low-pressure tubes at high speed. It supplied the 420-metre European Hyperloop Center in Veendam, where the technology is tested and demonstrated.
Hardt said its bankruptcy followed the loss of an expected European subsidy of about €13 million. It has also signed a strategic partnership with Green Rock to develop hyperloop projects in North, Central and South America.
Co-founder Tim Houter said the investment would allow the company to continue developing and applying its technology.
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