David Rogers
Investment
EU makes first investment in hyperloop – GCR
Dutch engineering spin-off Hardt Hyperloop has been awarded €15m by the European Commission, the first time that the EU has directly funded the development of the ultra-fast transport concept.
The grant was disbursed by the European Innovation Council Accelerator to help the Dutch engineer and its partners continue research and development.
Tim Houter, co-founder of Hardt, said in a press statement that the decision was a vote of confidence in his company and the technology.
“It’s great to have now gained the trust of the European Commission. Their support will help to accelerate the development of a European hyperloop network, bringing us much closer to significant carbon dioxide savings. European cities will be connected smarter, faster and cheaper.”
The funding will also progress the European Hyperloop Centre in Groningen, set to demonstrate lane-switching for a high-speed hyperloop system in 2023.
A pilot project to move freight between Amsterdam and Rotterdam is being investigated by companies, governments and network organisations. Houter said he hoped the route could be developed in the Netherlands within this decade.
The EU is particularly interested in hyperloop because of its fit with the European Green Deal, and the commission’s strategy for sustainable and smart mobility. According to Houter, a European-wide network could save 160 million tonnes of carbon on an annual basis, which would be “more than the entire emissions of the Netherlands”.
Hyperloop pods move autonomously through low-pressure tubes, propelled by fluctuating magnetic fields supplied by the “track” they float over.
Hardt Hyperloop was founded in 2016 by engineers at Delft Technical University. It was involved in building Europe’s first high-speed test facility, and has developed a lane-switching technology that is reckoned to be essential to the development of networks.
Its partners include Schiphol Airport, Nederlandse Spoorwegen, Deutsche Bahn, Koolen Industries, InnoEnergy, Freigeist, Bam, Tata Steel and IHC.
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Economy
S&P/TSX composite down more than 200 points, U.S. stock markets also fall
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Economy
S&P/TSX composite up more than 150 points, U.S. stock markets also higher
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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