Hyperloop Transportation Technologies (HyperloopTT) a technology licensing platform for disruptive hyperloop technology, has entered into a merger agreement with Forest Road Acquisition Corp. and will trade under the ticker “HYPE” upon closing.
HyperloopTT has extensive IP assets consisting of 66 global patents and more than 80 trademarks. Recently, its relationships with the United States Department of Transportation (USDOT) and the European Commission's Directorate-General for Mobility and Transport have helped to create regulatory and legislative advancements, opening the doors to expedite commercialization of the futuristic technology.
“This transaction is a major milestone for HyperloopTT and the hyperloop industry as a whole. The transaction is a moment that could not have been possible without our countless supporters around the world, who have built HyperloopTT into a company that is perfect for this moment. Our innovative business model has allowed HyperloopTT to succeed while facing enormous challenges. The team has worked tirelessly these past nine years to gain the support of the private and public sectors in countries around the world. We thank Forest Road for working with us through this process and embrace this next step with humility, gratitude, and determination," said Andrés de León, Chief Executive Officer of HyperloopTT.
Relying on a crowd-peered development model based on a global network of technologists, scientists, engineers, expert contributors, and partners, the company has created a "Hyperloop-as-a-Service" business model that will enable it to earn new and recurring licensing fees for sharing its technological IP and know-how with customers including governments, infrastructure operators, and transportation operators. Through this partner network, it's driving a suite of next-generation technologies to power transportation in the future.
Since its inception in 2013, HyperloopTT has made significant progress toward the adoption of hyperloop systems; it developed a full-scale hyperloop test track in Toulouse, France, a hyperloop insurance framework model, and model safety and certification guidelines.
HyperloopTT’s European Research and Development Center in Toulouse, France, the aerospace capital of Europe, is home to a full-scale test system. In 2019, HyperloopTT released the first comprehensive feasibility study analyzing a hyperloop system, which found that the system is economically and technically feasible and will generate a profit without requiring government subsidies.
With the deployment of the test track, a portfolio of technology patents has been accumulated including levitation and propulsion, low-pressure tube transportation, and passenger experience. These patents are the basis of a technology that combines sustainability with the ability to reach destinations faster, which can redefine the urban landscape, create new economic opportunities, and disrupt the $2+ trillion transportation industry.
Hyperloop is a vacuum tube-based system that moves people and goods in levitating capsules at airplane speeds on the ground. These speeds are achieved by using passive magnetic levitation technology and a linear electric motor in a tube with minimal pressure, reducing resistance. As a mobility solution with transformative power, the hyperloop is potentially cleaner, safer, healthier, and more efficient than existing forms of transportation.
Tom Staggs and Kevin Mayer, Co-CEOs and Co-Chairpersons of the Board of Directors of Forest Road, commented, “When we were introduced to HyperloopTT we quickly saw its potential to address some of the most profound transportation challenges of our time. The Company has a deep base of intellectual property that gives it a robust competitive advantage in this space. The Company’s asset-light ‘Hyperloop-as-a-Service’ business model is built to develop and support projects efficiently, presenting a possible solution that is environmentally and economically minded. We believe their technology has the opportunity to create meaningful shareholder value and positively impact our world.”
Near-Term Project Pipeline:
HyperloopTT is actively engaged in providing the European Commission and the U.S. Department of Transportation with a critical technical understanding of hyperloop systems. The following are project opportunities HyperloopTT is currently pursuing: