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.
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.
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.”