HyperloopTT unveils its first global innovation center for logistics in Brazil
April 7, 2018: With an aim to mitigate challenges in the logistics sector, Hyperloop Transportation Technologies (HyperloopTT) recently launched ‘XO Square’, its first global innovation center for logistics in Brazil. It’s part of a multi-million dollar agreement between HyperloopTT and Brazil to set up the logistics centre. The logistics center has been backed by the […]
April 7, 2018: With an aim to mitigate challenges in the logistics sector, Hyperloop Transportation Technologies (HyperloopTT) recently launched ‘XO Square’, its first global innovation center for logistics in Brazil.
It’s part of a multi-million dollar agreement between HyperloopTT and Brazil to set up the logistics centre. The logistics center has been backed by the Government of the State of Minas Gerais, the State of Minas Gerais Research Foundation (FAPEMIG), the Federation of Industries of the State of Minas Gerais (FIEMG), and the Municipality of Contagem.
Located on an land admeasuring 5.4 acres, HyperloopTT logistic research division with be housed on a 43,000 square feet area, which will consist of a fabrication lab, ecosystem of leading global companies, startups, universities, innovators, scientists, and governments from all around the world focused on solving growing issues in logistics.
The agreement was made through a public-private partnership (PPP), with an investment of about $7.85 million in its first phase, which includes contributions from HyperloopTT, the Secretariat of Economic Development, Science, Technology and Higher Education (SEDECTES), and private investors.
Additionally, the physical space of 5.4 acres and 43,000 square feet of constructed space has been provided by the Municipality of Contagem.
“The State of Minas Gerais, and the municipality of Contagem, are one of the most significant logistics distribution hubs for Brazil,” said Bibop Gresta, chairman, HyperloopTT.
“With a strategic geographic position, high concentration of large industries, and a dedication to innovation, it is an ideal location for HyperloopTT's XO Square,” said Gresta.
“We set out to fix transportation nearly five years ago, yet there are many issues that need to be solved beyond building the Hyperloop. Ecosystems like XO Square are critical to helping us solve these challenges together,” said Dirk Ahlborn, CEO, of HyperloopTT.
“If you have or are looking for logistics solutions, come to Brazil,” he said.
“The government of Minas Gerais works towards promoting the state's innovation and entrepreneurship scenario, encouraging young people to become involved in research and technology. Our objective is to connect large companies and startups, generating businesses and smart solutions for different areas. With Minas Gerais hosting HyperloopTT's research center, it means that we are contributing with the state's economic growth throughout different paths, such as science, technology and innovation. This has strengthened and boosted the credibility of the move taken by the government,” said Miguel Correa, State Secretary, SEDECTES.
According to the Mayor of Contagem, the public administration has worked to attract innovation, taking advantage of the city's logistics capacity, in addition to investments of more than R$1 billion towards urban mobility in the next three years.
“Contagem is known as the cradle of the state's industry, and we are betting on a new industrial revolution in the metropolitan area of Belo Horizonte. The effects of this will be very positive in generating wealth and knowledge,” said Alex de Freita, Mayor of Contagem.