Port operator's investment comes as it explores futuristic system to move containers from ships docked at Jebel Ali
US-based company Hyperloop One, which is developing technology for a futuristic transit system, has said it has raised an additional $50 million from Dubai port operator DP World as it prepares for a full-scale test of a system in the first quarter of 2017.
A Hyperloop involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods could shuttle people and cargo at speeds of up to 750 mph.
The concept originated in a paper by Tesla Motors Inc chief executive Elon Musk in 2013, who envisioned it whisking passengers from Los Angeles to San Francisco in 30 minutes.
Hyperloop One's $50 million investment by DP World takes its total funding to $160 million.
DP World Group, whose chief executive is also joining Hyperloop One's board, signed an agreement with the company in August to explore a Hyperloop system to move containers from ships docked at its flagship Port of Jebel Ali to a new inland container depot in Dubai.
Los Angeles-based Hyperloop One has previously got funding from the likes of 137 Ventures, Khosla Ventures, the French National Rail Company and GE Ventures.
Former Uber chief financial officer Brent Callinicos was also appointed as a full-time adviser to Hyperloop One Chief Executive Rob Lloyd and the board.
There are currently no functioning Hyperloops anywhere in the world, and skeptics wonder if the technology can ever make the leap from science fiction to reality.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
I wonder how good the feasibility would be on such short distances.