5.19 Posco signs letter of intent with Hardt Hyperloop to realise the future of transportation

Signalling its official entrance into the hyperloop business for next-generation transportation, POSCO International Corporation (P-INT’L) signed a letter of intent (LOI) with EIT

InnoEnergy-supported Hardt Hyperloop, a leading global presence in hyperloop technology. The partnership was inked at an LOI Signing Ceremony in Songdo, South Korea in early November 2022.

Under the LOI, P-INT’L and Hardt agreed to supply POSCO steel products for the European Hyperloop Center (EHC) test centre. Both companies will also cooperate in hyperloop business sales and marketing, as well as integrating their business partnership, including P-INT’L’s investment in Hardt.

Hyperloop is a new mode of high-speed transport in which autonomous vehicles travel through low-pressure tubes. Meeting the growing demand for sustainable and affordable highspeed transportation of freight and people, it has lower costs compared to high-speed rail – both in construction and operations. In addition, it is eco-friendly and highly efficient in energy consumption, particularly as compared to air and road transport, as hyperloop is 10 times more energy efficient.

Hardt Hyperloop started in 2017, when four of its co-founders were the winners of the SpaceX Hyperloop Pod Competition, hosted by Elon Musk. Following its subsequent successes, Hardt plays a key role in the hyperloop industry’s standardisation in Europe with its core technologies in magnetic levitation, propulsion, and lane-switching, among others.

T IM Hou TER Co-founder of Hardt Hyperloop

We are thrilled that POSCO’s trust in our collaboration since 2020 has led to this point. POSCO’s investment, as well as the cooperation in sales and marketing, is a tremendous step for us in making the hyperloop dream come true.

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