The Netherlands-founded startup Hardt Hyperloop has raised “up to €5 million” from InnoEnergy, a long-term public-private partnership supported by the European Institute of Innovation and Technology (EIT). The investment is part of a bigger funding round that Hardt Hyperloop has yet to close.

Hardt Hyperloop is working on an implementation of Hyperloop, a potentially more efficient way of passenger and freight transportation that involves pods travelling in purpose-built tunnels. The startup spun off from the Delft University’s Hyperloop team that won SpaceX’s pod competition in 2017.

“InnoEnergy makes it clear through this investment that the development of the Hyperloop has entered a new phase,” said Tim Houter, CEO of Hardt Hyperloop. “It also highlights the importance and urgency of investing in the development of a cleaner and better alternative to long-haul transport. Hardt Hyperloop believes InnoEnergy’s pledge will encourage other investors to join this round of investments.”

Earlier this year, Hardt initiated a consortium of European industry players that currently includes Royal BAM Group, Tata Steel, Royal IHC, DB Engineering & Consulting, Continental, and Engie Laborelec. The three latter companies have joined recently, showing the attention that the transportation industry is paying to potentially disruptive technologies such as hyperloop.

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