Rotterdam-based Hardt Hyperloop, a hyperloop network technology platform, announced on Wednesday that it has secured €12M in a fresh round of funding from key public and private investors.
According to the Dutch startup, this milestone supports the construction of the European Hyperloop Centre (EHC) and Hardt’s hyperloop test vehicle, paving the way for testing to begin in 2024.
The EHC, a 420-metre-long test facility with a lane switch, will enable Hardt to demonstrate all key hyperloop technologies and strengthen the company’s goal to lead in transforming future transportation with the hyperloop.
“A world where distance does not matter”
Founded by Tim Houter, Mars Geuze, Marinus van der Meijs, and Sascha Lamme in 2016, Hardt Hyperloop aims to build a worldwide hyperloop network that will make sustainable and speedy transportation accessible to everybody.
The founders were part of the TU Delft team that won the first SpaceX Hyperloop competition organised by Elon Musk in 2017.
Hardt has developed Hyperloop Lane (HLS) Switch technology, enabling hyperloop vehicles to change lanes without additional or moving components. This means that even when vehicles travel at high speeds, they can switch routes and merge in and out of the network.
Hardt is building an extensive network of industry partners, cities, logistics, and transportation hubs, and is working closely with the European Commission on developing the European hyperloop regulatory framework.
The company has already partnered with industry giants such as Deutsche Bahn, Tata Steel, and InnoEnergy to access the resources they need and undertake other initiatives to boost collaboration.
Investors supporting Hardt Hyperloop
The latest funding came from the EU’s €1.1B European Innovation Council (EIC) Fund, the Dutch regional investment funds InnovationQuarter and Investment Fund Groningen.
This follows previous investments made last year by POSCO International (KR) and Urban Impact Ventures (EU).
Together, the two investments are worth over €12M.
A number of Hardt’s existing and new investors also participated in this round, including entrepreneur Peter Goedvolk, who invested through his fund First Dutch in partnership with Platform Zero.
Peter Goedvolk, owner of First Dutch, says, “Advancing transformative solutions is paramount to achieving a net-zero carbon reality. We are proud to partner with Platform Zero to invest in and support the growth of Hardt Hyperloop. This innovative technology has the potential to disrupt traditional transportation systems and enable more sustainable travel.”
European Hyperloop Centre
Hardt Hyperloop says the EHC will serve as a cornerstone of hyperloop innovation, located in the Dutch city of Veendam (NL), which is part of the Province of Groningen. It has a hyperloop lane switch that is completely functional, which is a necessary component for the construction of hyperloop networks.
Jan Martin Timmer, Fund Manager Investment Fund Groningen, says, “Groningen has a leading position in supporting sustainable transport- and energy development. Already in 2019, Groningen committed to hosting the European Hyperloop Centre.”
“Investing in Hardt’s hyperloop development, therefore, comes naturally. We are excited to join Hardt on its journey and amplify Groningen as a key region for hyperloop developments,” adds Timmer.
The EHC will also serve as an open testing facility, welcoming use by other hyperloop developers and businesses with an interest in hyperloop components.
It will benefit the whole hyperloop ecosystem by fostering a culture of shared learning and cooperation. The foundations and pipes for the hyperloop are now under construction, and by the end of the summer, the first pipes will be in place.
Besides EHC, Hardt Hyperloop has been very active over the past several months in worldwide roadshows, collaborating with partners in industry and government to finalise plans for infrastructure development and prospective trial routes.
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