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Regulatory framework progresses

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Hyperloop Transportation Technologies, partners, and government stakeholders move forward with regulatory framework 

  • TÜV SÜD has produced the first set of Hyperloop Core Safety Requirements and Certification Guidelines
  • HyperloopTT and Munich Re presented the first insurance framework for existing systems and licensing as part of future commercial systems
  • Representatives and officials from the Ministry of Infrastructure of Ukraine, along with China, Germany, France, and the United States discussed a joint roadmap for implementation and adoption
  • HyperloopTT becomes the first company to be able to offer an insurable and viable regulatory solution for a commercial system

Hyperloop Transportation Technologies (HyperloopTT) leading testing, certification and inspection company TÜV SÜD, and Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions announced today the creation of the first set of Hyperloop core safety requirements and certification guidelines along with the first insurance framework for HyperloopTT worldwide systems. As construction moves forward at different locations around the world, HyperloopTT has reached key milestones on two of the biggest hurdles remaining for the new transportation system: regulation and insurance.

At a private meeting held at TÜV SÜD’s global headquarters in Munich, Germany, several of HyperloopTT’s partners and stakeholders, together with government representatives, were introduced to the first set of the new guidelines and products. Additionally, a roadmap for joint creation and adoption into a final legal framework for regulating the construction and safe operation of Hyperloop systems was discussed. In attendance were representatives from Ukraine, China, France, and the United States all of whom have existing agreements with HyperloopTT.

“TUV SUD has been working intensively with HyperloopTT over the past year,” said Ferdinand Neuwieser, CEO of TÜV SÜD Industrie Service GmbH. “As a global leader in this field, TÜV SÜD will contribute to making the innovative technology of Hyperloop reliable and safe. The potential risks for passengers and others will be reduced to a minimum. Furthermore the guideline will form a strong basis for standardization, regulation and certification of Hyperloop systems.” The final version of the guideline is expected to be published in Q1 2019.

“Last year we told the world that HyperloopTT’s system was insurable,” said Claudia Hasse, head of special enterprise risks at Munich Re. “We are now able to insure their first commercial projects around the world and are working together to include our services into HyperloopTT’s technology license.”

“Hyperloop will change transportation as we know it,” said Volodymyr Omelyan, minister of infrastructure of Ukraine. “It is our responsibility to make sure that future technologies are regulated and safe, and today represents the foundation of a safe and reliable commercial Hyperloop system.”

“The creation of regulations and legal frameworks are critical components to our ongoing feasibility study between Chicago and Cleveland,” said Grace Gallucci, executive director of Northeast Ohio Areawide Coordinating Agency. “We look forward to continuing to work alongside HyperloopTT and their partners to implement these guidelines and policies into a framework specific to the Great Lakes Hyperloop.”

“HyperloopTT is the first company to have an insurable commercial system,” said Dirk Ahlborn CEO of HyperloopTT. “We have proven the technology to be feasible at every level and through our work with these partners, stakeholders, and governments we are creating the safest, most secure system possible.”

“In order to bring Hyperloop to reality we have sought out and formed alliances with industry leaders to provide the complete solutions for our systems,” said Bibop Gresta, Chairman of HyperloopTT. “Now we invite other nations to join these pioneers.”

About TÜV SÜD

Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. More than 24,000 employees work at over 1.000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving, renewable energy and transportation systems safe and reliable. https://www.tuv-sud.com/

About Munich Re

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

www.munichre.com

About HyperloopTT

Hyperloop Transportation Technologies (HyperloopTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Through the use of unique, patented technology and an advanced business model of lean collaboration, open innovation and integrated partnership, HyperloopTT is creating and licensing technologies.

Founded in 2013, HyperloopTT is 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; Contagem, Brazil; and Barcelona, Spain. HyperloopTT has signed agreements in the United States, UAE, Brazil, France, India, China, Korea, Indonesia, Slovakia,  Czech Republic, and Ukraine.

HyperloopTT is led by co-founders Dirk Ahlborn (CEO) and Bibop G. Gresta (Chairman) and a senior management team of experienced entrepreneurs and professionals. For more information or media inquiries, contact press@hyperloop.global or visit HyperloopTT.com/.

Hyperloop Transportation Technologies’ images and assets can be found here.

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