The American company Hyperloop One will close by the end of the year
The company, known for its work on high-speed vacuum tunnels, will shut down, according to Bloomberg, citing its own sources.
In August 2017, Hyperloop One set a record by reaching a speed of 310 km/h, and three years later, it conducted the first trials of its high-speed transportation system with passengers on board, this is reported by the railway transport news portal Railway Supply.
Despite raising $450 million in investments since 2014 and building a small test track near Las Vegas, the company, founded in 2014, failed to secure a contract for a functional Hyperloop line.
Despite initially having ambitious plans and aiming for commercial transport by 2027, Hyperloop One is now selling off its assets, and a significant portion of its workforce has been laid off.
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