Hyperloop One just got a little closer to making its vision of a high-speed transit system for cargo a reality.
The Los Angeles-based start-up secured a $50 million investment from DP World, the third largest port and terminal operator in the world, according to Reuters. As part of the agreement, Hyperloop One and DP World will conduct a feasibility study to see how Hyperloop technology can more efficiently transport cargo to DP World’s flagship Jebel Ali port, according to a press release.
The Jebel Ali port is located in the Persian Gulf and is the busiest port in the Middle East.
Hyperloop One has been interested in using the Hyperloop to transport cargo underwater for some time.
Hyperloop One has talked to several port authorities around the world about moving ports 10 miles off the coastline and having ships dock “like a giant oil platform” to off-load their cargo, Peter Diamandis, a Hyperloop One board member and CEO of the X-Prize Foundation, previously told Business Insider.
The design work that’s been done for the Hyperloop presents it as a contained tube, meaning it could stay underwater to transport the cargo.
The $50 million investment brings Hyperloop One’s total funding to $160 million, Reuters reported.
Brogan BamBrogan, co-founder and former chief technology officer, and several other employees are currently suing Hyperloop One on claims that the company executives allegedly misused funds, breached their fiduciary duty, violated California labour code, and even assaulted at least one employee by placing a noose on his desk seat.
The defendants in the Hyperloop One case — which include Shervin Pishevar, co-founder and chairman, and CEO Robert Lloyd — filed a counter lawsuit accusing BamBrogan and the other employees of manufacturing a rebellion “in a transparent attempt to seize control of the company.”
NOW WATCH: The Best Features Of Elon Musk’s Hyperloop
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.