Published on : Friday, January 4, 2019
Virgin Hyperloop One has signed an agreement with Administrator of Railway Infrastructures (ADIF) is ready to open an ‘Advanced Technology Development and Testing Center’ in the Andalusian region of Spain.
This will be the company’s first European development facility, valued at approximately $500 million.
In return for this investment, Virgin Hyperloop One will obtain €126 million in public aid through loans and grants to help establish the new centre, advance Virgin Hyperloop One’s technology development and testing and stimulate regional economic growth and job creation.
With its robust transportation, aerospace and high-tech sectors in turn paired with outstanding regional talent, Spain is an ideal fit for Virgin Hyperloop One’s Advanced Technology Development and Testing Center, said Rob Lloyd, Virgin Hyperloop One CEO.
The centre will be located in Bobadilla, a village of the municipality of Antequera, in the province of Malaga.
With over 9,000 companies in transport and logistics and 20,000 employees in R&D, the new centre will be a catalyst for further economic growth. Virgin Hyperloop One estimates that 200–300 high-tech skilled professionals will be required; creating many jobs in the region.
ADIF (Administrador de Infraestructuras Ferroviarias or Administration of Railway Infrastructure) mentioned that the location of the centre will lead to important high-value commercial opportunities and boost economic growth in the region.
He then went on to assert that the agreement with Virgin Hyperloop One will help us face new technological challenges; reinforcing their leadership in the development of transport infrastructures in the international arena.
The 19,000m2 centre, planned to be open by 2020, will develop, test and certify components and subsystems to continually improve safety and reliability of hyperloop systems.