home  › Business and economy

An Italian investor for Hyperloop

by Vincenzo Rutigliano

Puglia-based Angelo Investments has bought a stake in TransPod, the leading Canadian developer of Hyperloop, a high-speed ground transportation system developed by Elon Musk. The system uses capsules, known as pods, which will travel at 1,200 km/hour, thanks to magnetic levitation inside reduced-pressure tubes.

The southern Italian holding company will support the Hyperloop project not only by injecting fresh capital in the Canadian company as a partner, but also by contributing as an industrial partner by leveraging its existing advanced technologies belonging to its subsidiaries, such as MerMec (railways), Sitael (space industry) and Blackshape (aviation).

With an international workforce of more than 1,000 high-skilled employees, 650 of which are engineers, the holding will team up with TransPod to develop and test new products and innovative technologies for Hyperloop, also using all possible synergies.

“We are enthusiastic about this new investment and we are ready to team up with TransPod to develop new products and technologies functional to the commercial launch of Hyperloop,” said Angelo Investments’ Vito Pertosa.

“The challenge of innovation continues to represent a milestone of our past and of our future and also in this case there is a desire to change the perception of what cannot be achieved, by turning ideas, even the most visionary ones, into reality,” he said.

The investment by Angelo Investments is a strategic step for Hyperloop.

“We can’t wait to work with the Italian group to make it real,” said Sebastien Gendron, founder and CEO of TransPod. “Hyperloop will change the way we live, get in touch with people, travel, do business. It will be the fifth transportation system in the world after vehicles, trains, aircraft and ships,” he said.

The new investment by the group led by Pertosa is part of a sustained growth process.

In September, at Berlin’s Innotrans, the group’s railway company MerMec, which every year invests 12% of revenues in R&D and supplies state-of-the-art technology to customers in 54 foreign countries, presented a new system of solutions for control and maintenance of the railways network called the “Internet of Tracks.”

In March, it announced a new maxi contract worth €100 million to provide an inspection service for 10 years, starting from January 2019, of Finland’s railway network (5,960 km.).


© ITALY EUROPE 24 - ALL RIGHTS RESERVED