Virgin Hyperloop One today announced that it has signed an agreement with Administrator of Railway Infrastructures to open an Advanced Technology Development and Testing Center in the Andalusian region of Spain. The company’s first European development facility is valued at approximately US$ 500 million.
As returns for this investment, Virgin Hyperloop One would obtain 126 million Euros in public aid through loans and grants to help establish the new center, to advance Virgin Hyperloop One’s technology development and testing. The Virgin Hyperloop One Advanced Technology Development and Testing Center will be located in the Andalusian region of Spain at Bobadilla, in the province of Malaga.
The new center in Andalusia complements the advanced transportation, aerospace, and high-tech innovation in the Andalusian region and will be a catalyst for further economic growth. Virgin Hyperloop One estimates that it would hire 200-300 high-tech skilled professionals and that the center would spur job creation in a broad ecosystem of partners and suppliers in the region. The center is planned to be opened by 2020, would develop, test, and certify components and subsystems to continually improve safety and reliability of hyperloop systems.
Rob Lloyd, Virgin Hyperloop One CEO said:
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. By investing in the development and testing of Virgin Hyperloop One, Spain is extending its long-tradition as an innovative, global transport leader. We are excited to partner with such a forward-thinking country in developing the next generation of transportation.
ADIF in a statement said:
The location of the Center in our country will lead to important high-value commercial opportunities and will boost economic growth in the region. The agreement with Virgin Hyperloop One will help us to deepen the willingness to face new technological challenges, contributing to reinforce our leadership in the development of transport infrastructures in the international arena.