SEVERSTAL PAO Severstal, one of the world's largest vertically integrated steel and mining companies, and Hyperloop Transportation Technologies, Inc. (HyperloopTT), the leading developer of next generation sustainable high-speed transportation has secured a contract to supply steel for the construction of its first commercial prototype of the hyperloop transportation system.
HyperloopTT is an innovative transport and technology company focused on implementing hyperloop technology, a public transport system that uses sealed steel pipes with a pressure vacuum enabling capsules inside the pipes to transport passengers and goods at speeds of up to 1,223 km/h.
Hyperloop technology is the most metal-intensive method of transport and, given its potential to change the global transport system market, could significantly impact the metallurgy market. One kilometre of the hyperloop transportation system requires over 5,000 tonnes of steel, with the total volume of steel consumption for construction projects in the 2030s estimated to amount to 20 million tonnes per annum. Hyperloop technology is more efficient than high-speed railways, moving at the speed of commercial aircrafts without the environmental impact associated with air travel.
HyperloopTT analysts estimate that implementing this transportation system globally will reduce CO2 emissions by 143 million tonnes per year. Hyperloop is designed to generate more energy per year than it consumes, with renewable energy sources such as solar panels installed above the transit line.
Severstal will become the primary supplier of steel for the construction of the first five kilometres of the commercial transportation system prototype, which will enable HyperloopTT to obtain its safety certification, an important step towards creating the next generation of intercity transportation systems globally. The launch of the first few kilometers of this system is expected to be announced in the near future.
Andrey Laptev, Director of Business Development and Corporate Venture Projects at Severstal, commented:
"Securing a contract with HyperloopTT to supply the materials to build the transportation infrastructure of the future will open up huge opportunities for Severstal. By improving transport links and connections between cities, we believe this exciting technology has the potential to radically alter the economy and people's lifestyles. This project is a striking example of how modern technologies can impact the transportation sector and its effects on the environment. Through our corporate venture activities, Severstal is able to gain access to a wide range of innovative technologies that will prove instrumental in the development of industry and support the global climate agenda."
Andres De Leon, CEO of HyperloopTT, commented:
"Hyperloop is pleased to partner with one of the industry's best steel companies with global reach. I am sure that Severstal will become a supplier of steel not only for the first, but also for our future hyperloop systems."
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OAO Severstal published this content on 14 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 10:11:03 UTC.
