Jumpstartfund’s Hyperloop Transportation Technologies, Inc. (HTT) announced on Tuesday it has signed an agreement with South Korea government’s Department of Technological Innovation and Infrastructure, the Korea Institute of Civil Engineering and Building Technology (KICT), as well as with the country’s engineering research school, Hanyang University, to license technology.
Hyperloop revealed details of the agreements:
- Licensing and research development of vacuum state tube infrastructure technologies and a safety management platform.
- A full-scale testbed for the Hyperloop.
- The licensing and development of tube technology, including welding, construction or maintenance with Korean steel and construction companies.
- The co-development of safety standards and regulations for the Hyperloop system and licensing HTT technologies such as HTT’s levitation and propulsion technology, battery, and energy management technology, as well as passenger experience to KICT in the Republic of Korea.
Speaking about the agreement, Dirk Ahlborn, CEO of Hyperloop Transportation Technologies, stated:
“We were the first company working to make the Hyperloop a reality, and seeing governments like South Korea taking steps on implementing these systems are great milestones. As a technology firm, we are making our developments available to all parties interested in implementing this technology through our licensing program and ensuring there is a worldwide interchangeable standard.”
Tai Sik Lee, KICT President, also commented:
“Tube travel changes the way people live and move, it has the opportunity to unite people. The Republic of Korea continues its tradition of technological advancement and innovation by bringing this technology to life, the government has allocated the necessary resources, we finalized our preliminary research and now are getting ready to implement.”
Bibop Gresta, Hyperloop Transportation Technologies Chairman, added:
“As the first mover to develop the Hyperloop technology, it is now becoming crucial for us to focus on standardisation for our new and growing industry. After more than three years of development, we’re able to collaborate directly with governments and consortiums to create standards around the world.”
This news comes just a couple of months after the company had revealed it signed an agreement for a feasibility study with a contract value of $2.5 Million with private investors and the Ministry of Transportation in Indonesia.
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