Hyperloop Transportation Technologies Signs Agreement to License Technology in South Korea

Hyperloop Transportation Technologies (HTT) has announced that it has signed agreements with the South Korean government's department of technological innovation and infrastructure, the Korea Institute of Civil Engineering and Building Technology (KICT), as well as with the country's top engineering research school, Hanyang University.

The Korean Government is committed to make high-speed tube travel a reality in the country.

Signing of Agreement between KICT and HTT

Details of the agreements include:

• Licensing and research development of vacuum state tube infrastructure technologies and a safety management platform.
• A full-scale testbed for the Hyperloop.
• The licensing and development of tube technology, including welding, construction or maintenance with Korean steel and construction companies.
• The co-development of safety standards and regulations for the Hyperloop system and licensing HTT technologies such as HTT's levitation and propulsion technology, battery and energy management technology, as well as passenger experience to KICT in the Republic of Korea.

"We were the first company working to make the Hyperloop a reality, and seeing governments like South Korea taking steps on implementing these systems are great milestones," said Dirk Ahlborn, CEO of Hyperloop Transportation Technologies "As a technology firm, we are making our developments available to all parties interested in implementing this technology through our licensing program and ensuring there is a worldwide interchangeable standard."

"Tube travel changes the way people live and move, it has the opportunity to unite people," said Tai Sik Lee, KICT president. "The Republic of Korea continues its tradition of technological advancement and innovation by bringing this technology to life, the government has allocated the necessary resources, we finalized our preliminary research and now are getting ready to implement."

"As the first mover to develop the Hyperloop technology, it is now becoming crucial for us to focus on standardization for our new and growing industry," said Bibop Gresta, HTT chairman. "After more than three years of development, we're able to collaborate directly with governments and consortiums to create standards around the world."