PJSC "Severstal ", one of the world's largest vertically integrated steel and mining companies and HyperloopTrasportatio Techologies, Ic. (HyperloopTT), a leading developer of high-speed transportation, have signed an agreement to supply steel for the construction of the first commercial prototype of the hyperloop transportation system.
HyperloopTT is an innovative transportation technology company focused on the implementation of hyperloop technology, a public transportation system that uses steel pressurized pipes with pressure close to vacuum and allowing transport capsules inside them to move passengers and goods at speeds up to 1223 km /h.
Being the most metal-intensive transport infrastructure, hyperloop can not only change the market of the global transport system, but significantly affect the market metallurgy. One kilometer of the transport system of the future consumes more than five thousand tons of steel, and the annual consumption of steel under construction projects in the 2030s is estimated at 20 million tons per year.
Hyperloop is more efficient than high-speed rail transport, moves at the speed of an aircraft, while environmentally friendly technology. HyperloopTT analysts estimate that the implementation of the transportation system around the world will reduce carbon dioxide (CO2) emissions by 143 million tons per year. Through the use of renewable energy sources, such as solar panels installed above the rapid transit line, hyperloop can generate more energy than it consumes.
Severstal will become the main supplier of steel for the construction of the first five kilometers of a full-size commercial model transportation system, which serves as a security certification authority for HyperloopTT. This step will be decisive in the creation of a new generation intercity transport system around the world. It is expected that the final location of the construction of the first kilometers of the system will be announced in the near future.
Andrey Laptev, Director of Business Development and Corporate Venture Projects at Severstal, commented on the news:
“The signing of an agreement on the supply of steel for the construction of the first kilometers of transport infrastructure of the future opens up enormous opportunities for Severstal. In addition, the project looks like an extremely attractive and demanded solution in the context of the current global climate agenda. A striking example of how modern technologies can radically change the transport industry, and then the environment. Severstal's participation in projects of such importance is another confirmation of how the company's venture activities open access to a wide range of disruptive technologies.
Andres De Leon, CEO of HyperloopTrasportatio Techologies commented:
“HyperloopTT is delighted to partner with one of the industry's leading steel companies with a global reach. I am confident that Severstal will become a supplier of steel not only for the former, but also for future hyperloop systems. ”