HyperloopTT signs agreement to license technology in South Korea
Hyperloop Transportation Technologies (HyperloopTT) announced today that it has signed agreements with the South Korean government’s department of technological innovation and infrastructure, the Korea Institute of Civil Engineering and Building Technology (KICT), as well as with the country’s top engineering research school, Hanyang University.
The Korean Government is clearly committed to make high-speed tube travel a reality in the country. HyperloopTT is leading the effort to design and build the Hyperloop and just recently announced the start of the production of the world’s first full-scale passenger hyperloop capsule.
Details of the agreements include:
- Licensing and research development of vacuum state tube infrastructure technologies and a safety management platform.
- A full-scale testbed for the Hyperloop.
- The licensing and development of tube technology, including welding, construction or maintenance with Korean steel and construction companies.
- The co-development of safety standards and regulations for the Hyperloop system and licensing HyperloopTT technologies such as HyperloopTT’s levitation and propulsion technology, battery and energy management technology, as well as passenger experience to KICT in the Republic of Korea.
“We were the first company working to make the Hyperloop a reality, and seeing governments like South Korea taking steps on implementing these systems are great milestones,” said Dirk Ahlborn, CEO of Hyperloop Transportation Technologies “As a technology firm, we are making our developments available to all parties interested in implementing this technology through our licensing program and ensuring there is a worldwide interchangeable standard.”
“Tube travel changes the way people live and move, it has the opportunity to unite people,” said Tai Sik Lee, KICT President. “The Republic of Korea continues its tradition of technological advancement and innovation by bringing this technology to life, the government has allocated the necessary resources, we finalized our preliminary research and now are getting ready to implement.”
“As the first mover to develop the Hyperloop technology, it is now becoming crucial for us to focus on standardisation for our new and growing industry,” said Bibop Gresta, HyperloopTT Chairman. “After more than three years of development, we’re able to collaborate directly with governments and consortiums to create standards around the world.”
Hyperloop Transportation Technologies Inc. (HyperloopTT) is designing and building an end-to-end transportation system with a unique patented technology that moves people and goods at near the speed of sound safely, efficiently, and sustainably. Through an advanced business model of lean collaboration, open innovation and integrated partnership, HyperloopTT is creating and licensing technologies and has commenced construction of the world’s first Passenger Hyperloop Capsule.
HyperloopTT was founded in November of 2013 and is now a global team comprised of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, CA, HyperloopTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; Barcelona, Spain. HyperloopTT has 6 international agreements and one strategic royal partnership, with 20 system sales under negotiation. HyperloopTT has signed agreements in California, Slovakia, Abu Dhabi, the Czech Republic, France, and Indonesia.
About HyperTube Express (HTX)
In January 2017, an agreement was signed to bring the Hyperloop to Korea locally dubbed the HyperTube Express (HTX). The agreement is a multi-year strategic partnership to execute the Korean government’s plan to build a transportation system for the future. HyperTube Express would transform the three hour drive from Seoul to Busan to a ride in just under 20 minutes.
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HyperloopTT Head of Media Relations