Zeleros, a Spain-based hyperloop company, has closed a $7.79 million funding round led by Altran, a French engineering consulting firm. Grupo Red Eléctrica, U.K.’s Goldacre Ventures, Sweden’s VC Road Ventures, U.S.-based Plug and Play, Spain’s Angels Capital and MBHA all participated as well. The investment will go to “further development of Zeleros’ hyperloop vehicle and its core technologies.”
Founded in 2016, the Valencia-based startup is developing its own version of the hyperloop, which could transport passengers and cargo on long-distance routes between 400 and 1,500 kilometers. In a press release, the company says connections like Paris to Berlin could be reduced to less than an hour.
The unique claim of Zeleros’ project is that it’s scalable. Certain technology integrated into the hyperloop vehicle “drastically” reduces the cost per kilometer of infrastructure and operates at safer pressure levels.
Many investors cited sustainability as a reason for investing. “By supporting Zeleros and the deployment of hyperloop, Altran is accelerating the disruption of the mobility industry towards its decarbonization,” said Pilar Rodríguez, the strategy, innovation and R&D director at Altran.
The startup’s CEO David Pistoni commented: “These new funds will boost a major milestone of developing and demonstrating our technologies in a real environment of operation, bringing Zeleros closer to a multibillion market opportunity to be captured in the next decades.”
The next step is to launch the European Hyperloop Development Centre in Spain, including a test track to demonstrate the effectiveness of its technologies at high speed. The aim of this project is to accelerate the development of the hyperloop industry in Europe, by creating an ecosystem of international industrial, technological and institutional partners. Pistoni said Zeleros is teaming up with experts in railways, aeronautics, infrastructure and electrification.
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.