EIT InnoEnergy, the innovation engine for sustainable energy across Europe, has invested in Nevomo, a European deep-tech company developing the next generation of high-speed rails, to accelerate the rollout of its hyperloop-inspired MagRail technology. Using magnetic levitation and a linear motor, this technology enables train transport at speeds of up to 550 km/h.
With this move, Nevomo now joins the EIT InnoEnergy portfolio of hyperloop-inspired companies, including the Dutch company Hardt Hyperloop and the Spanish company Zeleros. EIT InnoEnergy is supported by the European Institute of Innovation and Technology (EIT), an independent EU body, to promote innovation and entrepreneurship across Europe. Its investment is part of a €5 million bridge round concluded earlier this year with Hutter Private Equity, ValueTech Seed, and Seedrs.
“Becoming a portfolio company of one of the world’s leading investors in sustainable energy and transportation is further confirmation from the market that we are on the right track in developing our hyperloop-driven technology. We are confident that thanks to EIT InnoEnergy's support we will be able to follow the path of portfolio companies such as Northvolt”, said Przemek Ben Pączek, CEO and Co-Founder of Nevomo.
MagRail technology is designed to help increase the efficiency of conventional railways by applying hyperloop-inspired propulsion. Its use, which is very easy, quick, and cost-effective, allows the capacity of existing railways to be expanded while at the same time proposing a phased approach toward the vacuum rail (hyperloop).
“Nevomo’s technology is the missing link between the current, often hugely outdated rail infrastructure and entirely new high-speed systems like the hyperloop. This cannnot only accelerate the adoption of this new mode of sustainable, long-haul transport but greatly decrease the costs associated with such a shift,” explained Lucienne Krosse, responsible for the hyperloop portfolio at EIT InnoEnergy.
Last year, Nevomo started construction of Europe's longest hyperloop-inspired passive magnetic levitation test track in Poland. Once the installation of all the necessary elements and equipment for the first test vehicle has been completed. The first full-scale test vehicle, equipped with all the necessary components to perform the first tests was delivered to the site in August this year. Further tests will be carried out this winter and early next year.