Virgin Hyperloop One to open $500m development facility in Spain
August 08, 2018 – Virgin Hyperloop One has signed an agreement with the Administrator of Railway Infrastructures of Spain to open an Advanced Technology Development and Testing Center in the Andalusian region, the company’s first European development facility, valued at approximately $500m.
The company will obtain €126m in public aid through loans and grants to help establish the new centre, to develop and test the Virgin Hyperloop One’s technology and to stimulate regional economic growth and job creation.
The agreement has been facilitated by the state-owned infrastructure agency ADIF.
Virgin Hyperloop One CEO Rob Lloyd said: “With its robust transportation, aerospace, and high-tech sectors in turn paired with outstanding regional talent, Spain is an ideal fit for Virgin Hyperloop One’s Advanced Technology Development and Testing Center.
“By investing in the development and testing of Virgin Hyperloop One, Spain is extending its long-tradition as an innovative, global transport leader. We are excited to partner with such a forward-thinking country in developing the next generation of transportation.”
The Virgin Hyperloop One Advanced Technology Development and Testing Center will be located in the Andalusian region at Bobadilla, a village of the municipality of Antequera in the province of Malaga.
The new centre is expected to complement the advanced transportation, aerospace and high-tech innovation in the Andalusian region.
Virgin Hyperloop One expects to hire 200 to 300 high-tech skilled professionals.
ADIF said: “The location of the centre in our country will lead to important high-value commercial opportunities and will boost economic growth in the region.
“The agreement with Virgin Hyperloop One will help us to deepen the willingness to face new technological challenges, contributing to reinforce our leadership in the development of transport infrastructures in the international arena.”
Planned to be opened by 2020, the 19,000m² centre will develop, test and certify components and subsystems to continually improve safety and reliability of hyperloop systems.
Virgin Hyperloop One co-founder and CTO Josh Giegel said: “For hyperloop to be commercially viable it needs to be safe and reliable – safety is our number-one priority.
“We’ve already been testing and improving our technology for the last four years, including building the only full-scale hyperloop system in the world. Ultimately, the centre will help us deliver upon our first projects and scale to meet future demand around the world.”