Tata Steel and TuTr Hyperloop Sign MoA to Develop and Deploy Hyperloop Technology, the Future of High-Speed Sustainable Mobility System
Hyperloop is a future option for high-speed, low cost, sustainable transport system for both passengers and cargo. The hyperloop system has key elements such as tubes, pods, propulsion systems, and track. Autonomous, levitated pods travel through a network of evacuated tubes. It promises 10x more energy-efficiency than road transport and aviation, uses 2-3x less space than rail and road, and enables shorter travel duration than aviation.
R Balaji, Co-founder & CEO, TuTr Hyperloop said: “We are delighted to be working with Tata Steel on this breakthrough project. We are currently developing and testing various options to make Hyperloop technology solution a global benchmark in terms of cost and efficiency. To meet this objective, we need to leverage the capabilities of global leaders like Tata Steel. Partnership with Tata Steel will enable us to solve materials and design related challenges and drive Hyperloop to become a reality.”
Tata Steel has core expertise in design & development of steel and composite materials. In line with its strategic intent to develop future ready sustainable business, Tata Steel has identified Hyperloop as an opportune breakthrough technology in the area of future mobility. TuTr, a deeptech startup incubated out of IIT Madras, India, is a front runner in this space and is promising a low-cost hyperloop solution as its key value proposition. TuTr has unique strength in pod and propulsion system design. Tata Steel and TuTr jointly aim to design, develop, and scale up the technology for commercialisation.
About TuTr Hyperloop
TuTr Hyperloop is a deeptech startup that is focused on developing hyperloop technologies. Its endeavour is to provide customers with fast and reliable ‘on-demand’ transportation that is both affordable and greener in comparison with other modes of transport. Currently, India’s (and Asia’s) first hyperloop test track is under implementation at the Discovery campus of IIT Madras. TuTr seeks to leverage its partnership with IIT Madras and its co-location with India’s largest deep tech ecosystem to catalyse the development of cost-effective Hyperloop technologies that help enhance the productivity of various industries by solving their pain points with regards to goods movement.
About Tata Steel
Tata Steel group is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum. It is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world. The group recorded a consolidated turnover of US $ 32.83 billion in the financial year ending March 31, 2022.
A Great Place to Work-CertifiedTM organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 65,000. Tata Steel has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked amongst top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Besides being a member of ResponsibleSteelTM, worldsteel’s Climate Action Programme and World Economic Forum’s Global Parity Alliance, Tata Steel has won several awards and recognitions including the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar and IJmuiden Plants, and Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17. The Company, ranked as India’s most valuable Metals & Mining brand by Brand Finance, featured amongst CII Top 25 innovative Indian Companies in 2021 and top 10 sustainable organisations of India Hurun Research Institute in the 2021 Capri Global Capital Hurun India Impact 50, received Steel Sustainability Champion recognition from worldsteel for five years in a row, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, RIMS India ERM Award of Distinction 2021, Masters of Risk – Metals & Mining Sector recognition at The India Risk Management Awards for the sixth consecutive year, and Award for Excellence in Financial Reporting FY20 from ICAI, among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.
- Are Significant Advances in Technology Capable of Being Utilized to Benefit the Casino Industry? February 28, 2023
- Do You Think Tipping Auto Transport Driver is Necessary? February 10, 2023
- Enterprise-class OKR Platform Profit.co Raises $11 Mn Funding Led by Elevation Capital February 1, 2023
- Bengaluru Headquartered Mikro Grafeio Appoints U.S. Based Serial Entrepreneur Shyam Kumar as its Co-Founder February 1, 2023
- Federal Gov’t Will ‘Probably’ Force Americans To Eat Insects, Tucker Carlson Says February 1, 2023