DP World Cargospeed, a new global company created through a partnership between global trade enabler DP World and Virgin Hyperloop One, was launched on April 29. The company will provide hyperloop-enabled cargo systems to support the fast, sustainable and efficient delivery of palletized cargo.

The first initiative of its kind in the world, DP World Cargospeed will provide service for high-priority, on-demand goods., delivering freight at the speed of flight and closer to the cost of trucking.

The launch event was attended by Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.

“The UAE is keen to be a leading player in shaping the future of the world,” said Sheikh Mohammed bin Rashid. “Being a pioneer means taking bold decisions that open the way for adopting innovative solutions. We have big aspirations because we have unlimited mindsets and the confidence that we can achieve whatever we set our minds to.”

Sheikh Mohammed bin Rashid said that advanced technologies are at the center of the UAE’s vision for development, which is driven by a deep understanding of the needs of the future. He underscored the importance of constantly exploring new technologies that can enhance efficiencies and processes while maintaining the highest levels of quality. The prime minister hailed DP World’s contribution to world trade and its role in raising the UAE’s profile as a leader and pioneer in the trading sector.

“With a bold vision for the future, Dubai has always pushed the boundaries of innovation,” said Sultan Ahmed Bin Sulayem, CEO of DP World. “This spirit of innovation has enabled us to become a world leader in logistics. We have made a significant investment in Virgin Hyperloop One because we see the need for a hyperloop-enabled cargo network to support rapid, on-demand deliveries globally.”

“The global growth of e-commerce is driving a dramatic shift in both consumer and business behavior,” said Richard Branson, chairman of Virgin Hyperloop One. “On-demand deliveries are a novelty today. Tomorrow it will be the expectation.”

Hyperloop is a futuristic mode of passenger and freight transportation in which a pod-like vehicle is propelled through a near-vacuum steel tube, with most of its air removed, at higher than airline speed. Next-generation magnetic levitation technology combined with a low-pressure tube environment enables the pods to move quickly with little friction. Hyperloop can achieve top speeds of up to 300 meters/second, making it two to three times faster than high-speed rail. The technology facilitates autonomous operations designed to reduce human errors and run with minimal delays. Hyperloop is more cost-effective to implement and operate than high-speed rail. Its fully electric and zero direct emissions make it a highly environmentally friendly technology.

DP World Cargospeed systems, enabled by Virgin Hyperloop One technology, will transport high-priority, time-sensitive goods including fresh food, medical supplies, electronics, and more. It will expand freight transportation capacity by connecting with existing modes of road, rail and air transport.

“Based on McKinsey’s assessment of our technology, Virgin Hyperloop One-enabled supply chains can dramatically impact business bottom lines by reducing both finished goods inventory and required warehouse space by 25 percent” said Rob Lloyd, CEO of Virgin Hyperloop One. “Collectively, we chose to call our Virgin Hyperloop-enabled cargo solution DP World Cargospeed, because speed is about more than just getting from A to B; it’s about optimizing the entire end-to-end journey.”

The Virgin Hyperloop One system underpinning DP World Cargospeed is unique in that it doesn’t need to be passenger-only or cargo-only. It is a mixed-use system that fully utilizes system capacity and maximizes economic and social benefits. Systems are 100-percent electric and can be powered by renewable energy, creating a more sustainable solution for cargo transport.