to make the dream transportation system
'Hyperloop' a reality
- Signed a business agreement with HARDT, a leading company in the European hyperloop industry, for future collaboration on the 1st of this month
- Works on the 'Dream Transportation' that enables a 20-minute trip from Seoul to Busan at 1200 km/h a reality
- Plans to actively expand the scope of business to include eco-friendly, economic, and safe future-oriented infrastructure initiatives
POSCO INTERNATIONAL will be collaborating with the Dutch company HARDT Hyperloop (hereinafter HARDT), a leading global company in hyperloop technology, on the next-generation transportation business.
On the 1st of this month, POSCO INTERNATIONAL held a ceremony for business agreement in Songdo, Incheon, which was attended by POSCO INTERNATIONAL CEO Joo Si-Bo and HARDT CEO Bertrand Van Ee.
The two companies agreed to expand their scope of cooperation as business partners, which includes ▲the supply of POSCO's steel to European Hyperloop Center (EHC), a hyperloop pilot complex currently under construction in the Netherlands, ▲joint marketing efforts for hyperloop business, and ▲equity investment in HARDT.
Hyperloop is a coined term that combines 'Hypersonic', meaning the speed of sound, and 'Loop', meaning a link. This term is used to describe a new concept of transportation where magnetic levitation capsules move in a sub-vacuum (0.001 atmospheric pressure) state at a hyper speed with minimal air resistance inside a tube.
In particular, it is referred to by many as the 'dream transportation', as it can cover the distance between Seoul and Busan in 20 minutes at a speed of 1200 kilometers per hour.
Established in 2016, the Dutch company HARDT won the 2017 Hyperloop Contest hosted by Elon Musk's Space X. The company has ever since been recognized for its unparalleled technology, now leading the standardization of hyperloop industrial technology.
As a technological innovator in the European hyperloop technology with seven core technologies, including branching, decompression, and braking technologies, the firm is presently taking part in the development of major commercial routes for the Netherlands, Germany, and Italy as well as Saudi Arabia for 'The Line' project in the city of Neom.
POSCO INTERNATIONAL forecasts that the hyperloop technology has the potential to start a revolution in future transportation just as e-vehicles did.
The company explains that the benefits of hyperloop, including its eco-friendliness, cost efficiency, and safety, to name a few, are expected to promote the development of various industries such as materials, IT, and transportation.
Hyperloop is acclaimed for its high level of safety and accuracy, featuring zero exhaust emissions, less energy consumption that is as little as 10% of that of aircraft, compatibility with autonomous driving system, and construction cost that is only half of that required for high-speed rails.
POSCO INTERNATIONAL plans to gradually increase its share in the market by supplying exclusive steel to the additional EHC pilot sections scheduled for 2024 in addition to making incremental investments in the EU Network Project, of which commercialization is expected to happen in 2029.
POSCO's steel material technology, combined with the construction technology of POSCO E&C and the track manufacturing technology of POSCO MOBILITY SOLUTIONS, is anticipated to drive POSCO Group's expansion into the hyperloop ecosystem.
"In the past, general trading companies used to survive just by looking for new entrepreneurial opportunities within the traditional boundary of their business. However, sustainable growth is no longer possible unless companies create new paradigms," POSCO INTERNATIONAL CEO Joo Si-Bo said. "To this end, we hope to further increase our corporate value by breaking away from the stereotypes that bind us and actively exploring innovative, future-oriented, and eco-friendly business and investment opportunities as an investment-driven company."