The futuristic transportation company, which promises to transport people and cargo in tube-shaped capsules between cities at speeds that would make aviators jealous, is closing the doors of Hyperloop One. The company, which was founded in 2014 and once received an investment of over 450 million dollars, is closing down before succeeding in realizing its dream.
Finalizing the Hyperloop vision of our dreams
Hyperloop One, which started with a small test track built near Las Vegas, was even called Virgin Hyperloop One for a while. However, when it shifted its focus to cargo transportation, Virgin withdrew its brand. Now it has laid off most of its employees and is trying to sell its remaining assets, including the test track and machinery.
The company, which employed more than 200 people in early 2022, downsized by closing its Los Angeles office. It was reported that the remaining employees’ employment will end on December 31. Dubai-based DP World has been the majority shareholder of Hyperloop One since 2016, and the company’s remaining intellectual property rights will also be transferred to World.
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Reasons behind the collapse of Hyperloop One
There are several reasons behind the Hyperloop One collapse. The first is that an investment has been made in a technology that has not yet been implemented. Despite years of effort, a full-fledged hyperloop has never been built anywhere. The second is a series of negativities that happened to the company.
Events such as Brogan BamBrogan, one of the co-founders, encountering a rope hanging from a chair at work, that is, being threatened, harassment allegations of the other co-founder Shervin Pishevar, and another board member Ziyavudin Magomedov being arrested in Moscow on fraud charges, unfortunately damaged the company’s reputation.
However, although it is disappointing, it is not possible to say that Hyperloop technology has completely disappeared. Hardt Hyperloop, Hyperloop Transportation Technologies Inc. and Swisspod Technologies are still producing prototypes. Elon Musk also organizes competitions for student hyperloops and his own tunneling company, Boring Co. is trying to support developments in this field.
The closure of Hyperloop One does not mean that the hyperloop dream is completely extinguished. Perhaps this can be considered as an opportunity to wait for the technology to mature and take more solid steps. Who knows, maybe one day we will be able to enjoy the journey as our dream capsules fly from one end of the city to the other.