Polish startup Nevomo raises funds for the construction of a test track for magnetic levitation railway
Nevomo, which was called Hyper Poland until October 2020, has received fundings from the Hütter Private Equity, a fund owned by the creator of the Gemini Pharmacy chain Piotr Hütter. The company does not disclose a specific amount, but as Rzeczpospolita writes, the investment amounted to several hundred thousand euros.
Nevomo develops technology for a magrail system, a passive magnetic levitation train operating on existing railway tracks at speeds up to 550 kph. This hybrid solution allows for the functionality of both the magrail system and conventional trains on the same tracks. This can be subsequently transformed into a vacuum system, hyperrail, with a top speed of 600 kph on existing tracks.
The company has financed its activities by combining grants, including $4.5 million grant from the National Centre for Research and Development, and support for business angels. In early December, the Polish startup, together with 12 consortium members from 8 European countries has received another grant under the Shift2Rail initiative for the realisation of HyperNex project to develop the hyperloop technology market in Europe.
The fresh funding from Hütter Private Equity will be used for the development of the business team and the co-financing of R&D works related to the construction of a full-size test track for the levitation railway in 2021.