Nevomo, a leading European deep-tech company supported by InnoEnergy, and the developer of the innovative, hyperloop-inspired MagRail technology, unveils a groundbreaking achievement that marks a turning point for the railway industry. Successfully performed tests have proven that railway vehicles could levitate on conventional railway lines. This world-first accomplishment has the potential to revolutionize rail transport, seamlessly merging the traditional rail systems with the future vision of ultra high-speed solutions like the hyperloop.
The construction of Europe’s longest passive magnetic levitation test track, on which Nevomo has conducted successful tests, was co-financed by the European Union’s European Regional Development Fund under the Intelligent Development Programme. The project is being implemented as part of the “Fast Track” programme of the National Centre for Research and Development.
Nevomo will continue the research and the development of MagRail not only for levitation, but also for further exploration of different applications of the technology to improve efficiency and capacity for rail transportation and finally to start commercializing the first version of MagRail for freight transport in 2024.
To date, for the development of the MagRail technology and its testing, Nevomo has raised €11m of funding (comprising €5.5m equity and €5.5m non-dilutive EU grants). Additionally, last year the company was awarded €17.5m from the European Commission (EIC Accelerator: €2.5m grant and €15m equity). Funds are also being raised for a Pre-Series A round of €7m. Nevomo’s key investors include EIT InnoEnergy and Hütter Private Equity.