Funding comes from the EU's €1.1 billion European Innovation Council (EIC) Fund, Dutch regional investment funds InnovationQuarter and Investeringsfonds Groningen, and various existing and new Hardt lenders. Notable among them is entrepreneur Peter Goedvolk, through his fund First Dutch, in collaboration with Platform Zero. The investment follows previous private investments from key investors such as POSCO International (KR) and Urban Impact Ventures (EU) last year. Both investments together amount to more than €12 million.

Boost for hyperloop ecosystem

The EHC, located in Veendam (province of Groningen), wants to become “a cornerstone of hyperloop innovation”. It features a fully operational hyperloop lane switch, essential for deploying hyperloop networks. The EHC will also be an open testing facility, inviting other hyperloop developers and companies interested in hyperloop components to conduct tests at the center. Cultivating an environment of collaborative learning and collaboration should energize the entire Hyperloop ecosystem. Construction of the hyperloop tubes and foundations has already started and the first tubes will be installed at the end of the summer.

Innovations with great impact

The EIC Fund is part of the EIC's mandate to identify and support innovations with a high impact within the EU. Hermann Hauser, member of the board of directors of the EIC fund, called Hardt Hyperloop a company that will revolutionize the transportation industry. “This investment demonstrates the fund's confidence in Hardt's potential to deliver a transformative solution to the mobility landscape in Europe and beyond.”

InnovationQuarter and Investeringsfonds Groningen, the regional investment funds of the Dutch provinces of South Holland and Groningen respectively, recognize the strong potential of Hardt Hyperloop. Koos Fuykschot, Manager IQCapital, InnovationQuarter: “We have always regarded Hardt Hyperloop as a leader in innovation in the Rotterdam/Delft region, ever since the first investment in 2017 by UNIIQ, our early-stage fund. With IQCapital, our largest fund, we are even more committed to driving these transformative hyperloop technologies and driving their growth in our region.”

Jan Martin Timmer, fund manager Investment Fund Groningen, adds: “Groningen is at the forefront of supporting sustainable transport and energy development. Groningen already committed itself in 2019 to host the European Hyperloop Center. Investing in Hardt's hyperloop development is therefore a matter of course. We are delighted to join Hardt on his journey and strengthen Groningen as a key region for hyperloop developments.”

Tim Houter, co-founder of Hardt Hyperloop, confirmed the company's appreciation and enthusiasm for the investors joining: “With these new investors in addition to our existing backers, we have a great foundation to advance the development and commercialization of the hyperloop . The continued support is a great sign of credibility and confidence in our development path. It's not just a win for Hardt Hyperloop either – it's a big step for the hyperloop industry whose EHC is an essential step in the roadmap to a sustainable, connected future.”

Main goal

With the support of these renowned partners, Hardt Hyperloop is all set for completion and testing in the EHC. In parallel with work on the EHC, Hardt Hyperloop has been busy with international roadshows in recent months to move forward with government agencies and business partners to flesh out infrastructure development plans and potential pilot routes. Hardt's main goal is to make sustainable, high-speed transportation possible for everyone with a global hyperloop network.