DP World and Virgin Hyperloop One have announced that they are launching a new company that will push the technology into the cargo industry. DP World Cargospeed is a new project where both companies will build Hyperloop-enabled cargo systems to transport “palletized cargo.” This isn’t much different from what Hyperloop One has already stated it would do, but the new company will be putting things to work and to the test.
If you don’t know, DP World is a Dubai-based port power that controls terminals all over the world. The company has holdings on major freight routes in Asia, Africa and the Middle East. With this type of system, it sets itself up to gain a lot with a fast-transport network. In addition, it’s already an investor in Hyperloop.
.@richardbranson says he's considering name change for Virgin Hyperloop, saying the company is "way ahead" of other companies focused on high speed transportation technology. pic.twitter.com/612c73NgwL
— CNBC International (@CNBCi) April 30, 2018
Both companies are setting themselves up to meet a demand that’s already there. Shitting products from China to the west takes several weeks at the moment. By cutting down the journey times and save money, it would bring the company more business from different manufacturers. Theoretically speaking, DP World could receive products from China by sea, and then bring them to Europe in just a few hours.
Speaking with CNBC, chairman Richard Branson said that “whether we actually keep the name Hyperloop is something that we’re questioning.” Sounds like Branson wants to rebrand the company so that it’s at a distance from other Hyperloop teams.