A hyperloop project based in Poland has quickly hit its funding target on Seedrs raising over £450,000 in ten days. Hyper Poland has already received a €3.8 million grant from the Polish National Center for Research and Development in 2019.
Hyper Poland says it is developing an innovative approach to hyperloop. The company’s project uses magrail tech that can be deployed on existing railway infrastructure thus dramatically reducing the cost to deploy.
Hyper Poland’s patent-pending technology is described as using a passive magnetic levitation train operating on existing conventional railway tracks with speeds up to 186 mph (300kph) or 258 mph (415 kph) on HSR lines. This hybrid solution is expected to allow for the functionality of both the magrail system and conventional trains on the same tracks so railway operators can depreciate their existing conventional rolling stock.
In the long run, the company foresees a future where the tech can be transformed into a vacuum hyperrail system hitting a top speed of 373 mph (600 kph) on existing conventional tracks and 621 mph (1,000 kph) on HSR lines.
The final stage of this transformation will involve building dedicated tracks to enable the hyperloop to travel at up to 746 mph (1,200 kph).
Hyper Poland’s main partners include Microsoft, Railway Research Institute, Transfer Multisort Elektronik, National Center for Research and Development and the Warsaw University of Technology.
Przemysław Pączek, CEO and co-founder of Hyper Poland, said the money raised on Seedrs will be used as a 20% contribution to the grant – meaning that for every Euro invested on the Seedrs platform the company receives four Euros from the grant:
“We started using this mechanism in August last year, and it covered some of the funds collected in the first round of equity crowdfunding, organized between March and May 2019.”
Investors in the offering are receiving equity at a pre-money valuation of €13.5 million. To date, 423 investors have backed the project and it is now in over-funding mode.
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