Chief Minister of Maharashtra Visits Virgin Hyperloop One’s Test Facility to View Live Test; Feasibility Study of Pune-Mumbai Route in Advanced Stage

Shri. Devendra Fadnavis, Hon’ble Chief Minister, Views Live Test at Virgin Hyperloop One’s DevLoop Test Track

Pune to Mumbai Hyperloop Project Advances into Second Half of Feasibility Study

NORTH LAS VEGAS, June 17, 2018 (GLOBE NEWSWIRE) — Chief Minister of Maharashtra, Devendra Fadnavis, and representatives from the State Government including the Pune Metropolitan Region Development Authority (PMRDA), visited Virgin Hyperloop One at their full-scale hyperloop test site in the Nevada Desert — building upon  the historic Framework Agreement signed in February to build the first hyperloop in India. Justin Fishner-Wolfson and Nick Fox were in attendance as well, representing Virgin Hyperloop One’s Board of Directors. The Pune-Mumbai hyperloop project has currently reached the midpoint of the in-depth feasibility study, which is on track to finish this summer. Chief Minister of Maharashtra visits Virgin Hyperloop One's test facility to view live test

“This was a very fruitful discussion and we should be able to start moving on this project very fast,” said Shri. Devendra Fadnavis, Hon’ble Chief Minister of Maharshta.

The feasibility study will build upon the findings of the pre-feasibility study signed in November 2017 between Virgin Hyperloop One and the Pune Metropolitan Region Development Authority (PMRDA). Virgin Hyperloop One’s feasibility study team consists of world-class experts from Systra, KPMG and Turner & Townsend who will analyze and define the route alignment including environmental impacts, the economic and commercial aspects of the route, the regulatory and safety framework, and cost and funding strategies to deliver the project. A significant proportion of the Virgin Hyperloop One system components are expected to be manufactured locally, especially in Maharashtra — creating new high-technology and manufacturing jobs.

The hyperloop route will link central Pune, Navi Mumbai International Airport, and Mumbai in 25-minutes, connecting 26 million people and creating a thriving, competitive megaregion. The high-capacity passenger and cargo hyperloop route will eventually support 150 million passenger trips annually, saving more than 90 million hours of travel time, and providing citizens with greater opportunities and social and economic mobility. The hyperloop system will also have the potential for the rapid movement of palletized freight and light cargo between
the Port of Mumbai and Pune, creating a robust backbone for on-demand deliveries, supply chains, and next-generation logistics.

“I am incredibly excited to see this Pune-Mumbai hyperloop project go from a vision to reality as it starts detailed planning. The opportunity is enormous — to connect 26 million people with access to affordable infrastructure that will unlock significant economic and social value.” said Sir Richard Branson. “It is an honour to work with the State of Maharashtra and its key stakeholders, sharing their vision to transform not only transportation but wider society.”Chief Minister of Maharashtra visits Virgin Hyperloop One's test facility to view live test

The Pune-Mumbai route could result in USD $55 billion (INR 350,000 crores) in socio-economic benefits (time savings, emissions and accident reduction, operational cost savings, etc.) over 30 years of operation, according to an initial pre-feasibility study completed by Virgin Hyperloop One. The 100% electric, efficient hyperloop system will ease severe expressway congestion and could reduce greenhouse gas emissions by up to 150,000 tons annually.

“Traditionally, transportation has been very vertically integrated. With a wealth of talent and technological prowess right here in India, we’re looking for local partners to scale an integrated supply chain ecosystem.” said Virgin Hyperloop One CEO Rob Lloyd. “The State of Maharashtra is positioning itself at the epicenter of a new global supply chain.”

Note for editors: For press signing photo, b-roll, fact sheet, click here. Additional Virgin Hyperloop One images can be accessed here.

About Virgin Hyperloop One

Virgin Hyperloop One is the only company in the world that has built a fully operational hyperloop system. Our team has the world’s leading experts in engineering, technology, and transport project delivery, working in tandem with global partners and investors to make hyperloop a reality, now. Virgin Hyperloop One is backed by key investors including DP WorldCaspian VC PartnersVirgin GroupSherpa CapitalAbu Dhabi Capital GroupSNCFGE VenturesFormation 8137 VenturesWTI, among others. For more information, visit www.virginhyperloopone.com.

Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/081774a5-050e-42a8-93de-346f7b3cae23

http://www.globenewswire.com/NewsRoom/AttachmentNg/7234a3d5-e1f9-455a-9411-f8c3c1a11e4c

Media Contacts
FTI Consulting
Amrit Singh Deo
Managing Director - Strategic Communications
amrit.singhdeo@fticonsulting.com
+919167428242

Virgin Hyperloop One
Ryan Kelly
Head of Marketing and Communications
press@hyperloop-one.com
+1-610-442-1896

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