Super High-Speed Transportation firm Hyperloop One decided to close its operations

Los Angeles, United States (Urban Transport News): Hyperloop One, the trailblazing high-speed freight transportation company, is set to cease operations after facing challenges in securing contracts for building a functional hyperloop. Bloomberg News reported on Thursday, citing sources familiar with the matter, that the Los Angeles-based firm, known for completing the world's first passenger ride on a super high-speed levitating pod system in 2020, will liquidate its remaining assets. The employment contracts for its remaining staff will conclude on December 31 of this year.

Despite its groundbreaking achievements, Hyperloop One struggled to secure contracts for implementing its revolutionary hyperloop technology, which utilizes magnetic levitation to enable nearly silent travel. The hyperloop concept promised travel times as short as 30 minutes between cities, envisioning a New York to Washington trip twice as fast as a commercial jet flight and four times faster than a high-speed train.

Elon Musk had initially reignited interest in hyperloop technology in 2013 by outlining the workings of a modern hyperloop system. His tunneling venture, The Boring Company, continues to explore sending passengers through an intercity system of massive underground vacuum tubes, known as the hyperloop.

Founded in 2014, Hyperloop One had raised over $400 million in funding, with significant investments from United Arab Emirates shipping company DP World and British billionaire Richard Branson. The company's decision to halt operations signals a shift in the trajectory of high-speed transportation development, raising questions about the future of hyperloop technology in the transportation landscape.

Hyperloop One did not provide an immediate response to Reuters' request for comment, leaving the industry and enthusiasts awaiting further details on the factors contributing to its closure and the potential impact on the future of high-speed transportation innovation.

In a rapidly evolving landscape, the fate of Hyperloop One prompts reflection on the challenges and opportunities in pioneering transformative technologies, reminding stakeholders of the complexities involved in bringing revolutionary transportation concepts to fruition.