Nevomo, a Polish company developing the next generation of high-speed rails, announced $5 million in funding from Hutter Private Equity, EIT InnoEnergy, ValueTech Seed and Seedrs. This is Nevomo’s second round of funding after securing $3 million previously.
The company plans to incorporate the €17.5 million in funding into its MagRail tech that is inspired by the hyperloop. This announcement came four months after requesting €17.5 million from investors through EIC. EIT InnoEnergy is supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
Joins EIT InnoEnergy Portfolio
Nevomo, a Polish deep-tech company developing the next generation of high-speed rail, has secured a new €5 million funding round from EIT InnoEnergy, Hutter Private Equity, ValueTech Seed and Seedrs.
The company will use the funds to accelerate the rollout of Hyperloop-inspired MagRail technology and upgrade existing rail infrastructure. The announcement comes four months after EIC led a €17.5 million raise.
This proprietary solution combines magnetic levitation and linear motors to achieve speeds of up to 550 km/h.
Next Generation Of High-Speed Railways
The founders of Nevoome are Katarzyna Foljanty, Pawel Radziszewski, Przemek Paczek and Lukasz Mielczarek. The organization’s goal is to create the next generation of High-Speed Railways, with the help of autonomous control system, magnetic levitation and linear motor technology. After that, Nevoome can transform their HSRs into vacuum versions.
The company’s patent-pending magrail technology can modernize older conventional railway lines into passive magnetic railways that travel at high speeds. These lines can travel at 300 kph, or 186 mph, on regular lines and 415 kph, or 258 mph, on high-speed lines.
Modernized railroad lines can keep their old railways’ functionality thanks to the magrail system. This means people can still use their old steam engines or cars.
In 2019, Nevomo’s MagRail tested a 1:5 scale version of their product. Then, they conducted successful tests in the winter of 2020/21.
Poland’s Nowa Sarzyna enjoyed a new magnetic railroad in 2021 thanks to Nevomo. The track was the longest of its kind in Europe.
The first test vehicle for this project was assembled in August of 2019. It was then used to perform the first tests for the project.
Testing is expected to take place in winter 2022/23.
Lucienne Krosse, responsible for the Hyperloop portfolio at EIT InnoEnergy, emphasizes: “Nevomo’s technology is the missing link between the current (often very outdated rail infrastructure) and new high-speed systems like Hyperloop. This could accelerate the adoption of this new sustainable long-distance transport. , and significantly reduce the costs associated with this transition.”