(one of the world’s largest vertically integrated steel and mining companies) and Hyperloop Transportation Technologies Inc
(HyperloopTT — a leading developer of next generation sustainable high-speed transportation) have agreed a contract regarding the supply of steel for the construction of the latter’s first commercial prototype of the hyperloop transportation system, which uses sealed steel pipes with a ‘pressure vacuum’ that enables capsules inside the pipes to transport passengers and goods at speeds of up to 1,223kph.
However, Hyperloop technology is regarded as the most metal-intensive method of transport, and given its potential to change the global transport system, it could significantly impact the steel market. One kilometre of the hyperloop transportation system requires over 5,000 tonnes of steel, with the total volume of steel consumption for construction projects in the 2030s estimated to amount to 20 million tonnes per annum.
That said, HyperloopTT says this technology is more efficient than high-speed railways, moving at the speed of commercial aircrafts without the environmental impact associated with air travel. Indeed, the company’s analysts estimate that implementing this transportation system globally would reduce CO2
emissions by 143 million tonnes per year, adding that Hyperloop is designed to generate more energy per year than it consumes, with renewable energy sources such as solar panels installed above the transit line.
Severstal will become the primary supplier of steel for the construction of the first 5km of the commercial transportation system prototype, which will enable HyperloopTT to obtain its safety certification.
Andrey Laptev, Severstal’s director of business development and corporate venture projects, said: “Securing a contract with HyperloopTT to supply the materials to build the transportation infrastructure of the future will open up huge opportunities for Severstal.
“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. This project is a striking example of how modern technologies can impact the transportation sector and its effects on the environment.
“Through our corporate venture activities, Severstal is able to gain access to a wide range of innovative technologies that will prove instrumental in the development of industry and support the global climate agenda.”