Former SpaceX engineer Brogan BamBrogan’s hyperloop company Arrivo has promised the “end of the road” with its futuristic transportation method.
On Friday, The Verge reported that the company had officially concluded its operations after it failed to secure enough funding to proceed with its plans for an above-ground Hyperloop-style transportation system.
The report cited two of the company’s unnamed internal sources who confirmed that all the employees were furloughed in November and half were laid off at the end of last month. Any remaining employees were laid off last Friday following a phone call or text message.
Arrivo had earlier secured a funding of $1 billion from Genertec, a Chinese infrastructure company
The company had based its ethos on Tesla, SpaceX and Boring Company CEO Elon Musk’s idea for a hyperloop and tweaked its execution. The former which had planned for an underground high-speed transit was dubbed to be a transport system with specialised self-driving vehicles that would run on magnetised tracks alongside the highways for Arrivo.
Prior to Arrivo, BamBrogan was formerly with Hyperloop One, currently known as Virgin Hyperloop One. However, following a legal dispute that ended in lawsuits on both the sides, BamBrogan and the company finally settled.
Ahead of its closure, Arrivo had slated plans to build a test track in Colorado, for which the company was conducting feasibility studies, said Amy Ford, the chief of advanced mobility for Colorado’s Department of Transportation.
The end of Arrivo suggests that the only companies focussed on bringing hyperloop technologies would be Hyperloop One and Hyperloop TT
However, Ford confirmed to The Verge that the department had not heard from the company for a month. Reports suggest that the test track was expected to cost close to $15 million to be constructed outside Denver.
Arrivo had earlier secured a funding of $1 billion from Genertec, a Chinese infrastructure company. However, a lack of series A funding accounted for the final days of the company. Amid all the funding, Genertec was not a direct investor but pledged the line of credit to Arrivo’s partners to build out a full transportation system.
The end of Arrivo suggests that the only companies focussed on bringing hyperloop technologies would be Hyperloop One and Hyperloop TT.