Hardt Hyperloop locks in €12 million for the European Hyperloop Center

The Dutch hyperloop company has plans to begin testing, at the European Hyperloop Center being built in Veendam, in 2024 - the funding shows further confidence in the project
Hardt Hyperloop locks in €12 million for the European Hyperloop Center

Dutch hyperloop company Hardt Hyperloop been given another vote of confidence for its hyperloop dreams as it secures more funding for its European Hyperloop Center project. The centre which is being built in Veendam in the Province of Groningen, in the Netherlands, will house a 420- meter-long test facility including a lane switch is currently under construction - construction of the hyperloop pipes and the foundations has already begun, and the first pipes will be installed by the end of the summer. 

A total of more than €12 million has been raised with funding coming from the European Innovation Council (EIC) Fund, InnovationQuarter and Investment Fund Groningen, Hardt’s existing and new backers including Peter Goedvolk, through his fund First Dutch, in partnership with Platform Zero, and it also includes private sector investments from the likes of POSCO International (KR) and Urban Impact Ventures (EU).

“The EIC Fund is proud to support Hardt Hyperloop in its venture to revolutionise transportation. This investment signals the fund’s confidence in Hardt’s potential to deliver a transformative solution for the mobility landscape in Europe and beyond,” says Hermann Hauser, member of the EIC Fund Board. 

Upon completion, the EHC will also be an open testing facility for other hyperloop developers and companies - cultivating an environment of shared learning and collaboration.

“Groningen has a leading position in supporting sustainable transport and energy development. Already in 2019, Groningen committed to hosting the European Hyperloop Center. Investing in Hardt’s hyperloop development, therefore, comes naturally. We are excited to join Hardt on its journey and amplify Groningen as a key region for hyperloop developments,” says Jan Martin Timmer, Fund Manager Investment Fund Groningen. 

“With these new investors alongside our existing backers, we have a great foundation to further the development and commercialisation of the hyperloop. The continued support is a great sign of credibility and trust in our development roadmap. It is also not just a win for Hardt Hyperloop - it is a great step for the hyperloop industry of which the EHC is an essential step in the roadmap towards a sustainable connected future,” says Tim Houter, co-founder of Hardt Hyperloop.

Images: European Hyperloop Center (source: Hardt Hyperloop)

Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.