Moscow -Russian metals company Severstal announced Thursday a deal to supply steel for Hyperloop Transportation Technologies, a US firm developing ultra-fast trains billed as the future of public transport.
California-based HyperloopTT is one of several ventures to realise Tesla chief Elon Musk’s idea for a new type of transport that propels capsules through vacuum-sealed tunnels.
Severstal, one of Russia’s largest metals producers, said in a statement that it had secured a contract with the US company to supply steel for the construction of its first commercial prototype of the hyperloop transport system.
The statement said Severstal would be the primary supplier of steel for the construction of the first five kilometres (three miles) of the commercial prototype.
“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,” Andrei Laptev, Severstal head of business development, was quoted as saying in the statement.
“Securing a contract with HyperloopTT to supply the materials to build the transportation infrastructure of the future will open up huge opportunities for Severstal.”
The company did not provide any financial details but Russian media said the contract could bring the steel maker up to $9 million.
The “hyperloop” technology aims to transport people in train-like “pods” through low-pressure tubes that would reduce atmospheric friction, allowing travel at nearly the speed of sound.
High-profile investors including Musk, the head of electric car pioneer Tesla, and Virgin’s Richard Branson have put their financial muscle behind hyperloop projects.
The system is currently being developed by several companies, including Virgin Hyperloop, in which Dubai-based port operator DP World holds a majority stake. Hyperloop is described as a sealed tube or system of tubes with low air pressure through which a pod may travel substantially free of air resistance or friction.