EU grant of up to €17.5m for maglev start-up
20 June 2022
The European Union (EU) has offered funding of up to €17.5 million, to Nevomo, a Polish technology startup working on an innovative magnetic rail system.
The company says its MagRail technology will allow the cost-effective expansion of capacity on existing railway lines, with its magnetic vehicles able to run on the same track as conventional trains, interchangeably.
In 2019, Nevomo ran a 1:5-scale demonstration of its technology, before presenting a mid-size test in December 2020. At the beginning of this year, the company completed construction of what it claims is the longest full-scale test track for passive magnetic levitation in Europe.
The European Innovation Council (EIC) has now awarded the company an initial grant of €2.5 million, with additional funding of up to €15 million available, subject to the completion of set milestones, which will be determined in 2023.
Nevomo says its long-term goal for the MagRail system is to have fully-automated maglev vehicles moving beyond existing rail networks. Using hyperloop-inspired vacuum technology, the company says its vehicles could then carry passengers at speeds of up to 1,200kph.
Daniel Minx, head of finance at Nevomo, said the initial award “confirms the credibility of our strategy to develop 21st century technology for rail transport.
“EIC funding will enable us to accelerate our work in testing and developing our breakthrough technology, which we hope will soon change the face of the mobility industry.”