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26 December 2022

EIT InnoEnergy supported Hardt Secures Funding from Key Investors to Move Up Test Facility Construction

Among the new investors are POSCO International (Korea) and Urban Impact Ventures (the Netherlands). This new funding solidifies Hardt’s plan to realize the European Hyperloop Center next year.

 

Continuing successful momentum heading into a pivotal year for hyperloop technology, Hardt announced the latest investment from key industry and investment partners. Alongside POSCO International and Urban Impact Ventures, new funding comes from a number of its existing backers, as well as multiple new EU- and US-based investors. This follows the commitment from the European Commission’s EIC Accelerator Program of €15 million just last year. This investment will enable Hardt to start the assembly of the European Hyperloop Center tubes, pushing forward on the goal of achieving a commercial hyperloop line before 2030.

 

POSCO International, a Korea-based Hardt partner, formalized its intention to invest in the hyperloop technology in November of this year with a LOI signing ceremony in Incheon, South Korea. POSCO International is South Korea’s largest trading company and is a subsidiary of POSCO Holdings, which has - together with Tata Steel Europe - developed a hyperloop-specific steel alloy which will be used for the hyperloop tubes at the European Hyperloop Center. Urban Impact Ventures is a Dutch impact venture capital firm focused on the sustainable transformation of the urban environment with decarbonization and circularity as core impact themes. The support of these investors provides additional, clear indication of the broad support for Hardt’s technological advancements and opportunities for growth in the coming years.

 

“As a trading and investment company, POSCO International is committed to the success of creative and futuristic eco-friendly businesses such as hyperloop. We are proud to expand the collaboration between POSCO Group and Hardt Hyperloop by this investment,” stated Mr. Do-Kil Oh, head of POSCO International's Energy Steel Division. “POSCO International will be the biggest supporter of future Hyperloop projects through our global presences. We are excited about being a part of the next steps of Hardt Hyperloop and its associated ecosystem, of which the European Hyperloop Center is a major piece of global hyperloop test infrastructure.”

 

Tim Houter, co-founder of Hardt, expressed the company's appreciation and excitement to bring on the new partners and investors. “We are honored that this impressive group of investors has chosen to place their belief in the work of Hardt, and believe this is a credibility stamp on our team and technology from both our partners and investors. We look forward to continuing to build on this trust through the thoughtful implementation of steps in our roadmap, of which the European Hyperloop Center is a big piece.”

 

“We are very excited to invest in the company and support the inspiring Hardt team in its future endeavors. Hardt is a pioneer and leader in the development of hyperloop network technology enabling fast, efficient, and clean transportation of passengers and goods between cities. We share Hardt’s vision that hyperloop is an impactful alternative transportation modality that can relief the pressure on the already congested water, rail and road networks, avoid short-haul air transportation, while accommodating ongoing growth in transportation demand. As such Hardt develops one of the cornerstone solutions required for the realization of the EU’s road to net-zero mobility ambition,” said Hans van Houwelingen, managing partner of Urban Impact Ventures.

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