Virgin Hyperloop One and DP World are launching a joint venture called DP World Cargospeed, just 2 years after VHO hit up the UAE-based shipping company for $50m in funding.
According to TechCrunch, the new system will transport high-priority, time-sensitive goods along Virgin Hyperloop One’s planned routes across territories in India, including fresh food, medical supplies, and electronics.
Scratching backs, one sultan at a time
DP World, led by Sultan Ahmed Bin Sulayem, swooped in last year to help Branson and Virgin Hyperloop after whispers of a financial bind made its way out of the 300 person company.
But, even with the new lifeline, the company still has very little to show as far as a functional product.
That said, with just 10 km of test hyperloop track built, and an ongoing pitch that relies heavily on sexy buzzwords like “high-speed” and “on-demand,” the ambitious project shows no signs of losing trust with the public.
Dangling a high-speed carrot
In a recent interview with CNBC, Branson said he sees VHO’s technology becoming operational in the next 2 to 3 years, but there are still some major hurdles to get over.
For one, most of the shipping world runs on logistics systems designed in the 19th and 20th centuries — in other words, they’ll need an upgrade if VHO plans to hit the rails at Mach 1 “cargospeed.”