Nevomo, a Warsaw-based deep-tech company that’s developing the next generation of high-speed railways is today announcing that it has received a €2.5M grant funding from the European Innovation Council (EIC) Accelerator Program, which is expected to be extended by an equity component of up to €15M from the EIC Fund.
This investment fits well within the European Green Deal which highlights hyperloop technology in the European Commission’s strategy for sustainable and smart mobility. This is because hyperloop vehicles move autonomously through low-pressure tubes and are solely powered by an electromagnetic propulsion system which makes travelling with the hyperloop energy-efficient and completely CO2 neutral. This mode of transport responds to the growing demand for a sustainable & high-speed transport solution for both people and goods.
“We are extremely proud to be awarded funding and equity investment from such a prestigious European accelerator program. It 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,” remarked Nevomo’s head of finance Daniel Minx.
The MagRail is a railway extension that’s designed to easily, quickly and cost-effectively extend an existing railway’s capacity as well as enhance its capabilities and improve its efficiency. This globally unique solution has the potential to enable the quick and gradual implementation of transport systems inspired by the hyperloop concept. By starting with the use of existing corridor routes, the MagRail makes it possible for both magnetic vehicles and conventional trains to operate on similar lines with interchangeability. As such, Nevomo is the world’s first company to propose the gradual implementation of hyperloop-driven solutions as an upgrade to the railway industry.
Furthermore, the MagRail allows for fully autonomous driving, increased frequency, catenary-free and human error-free operation. Its timetables aren’t static and can adapt to changing transport needs. By adapting to the existing railway infrastructure, Nevomo aims to enable travel with a speed of up to 550Kph.
Founded in 2017 by the team comprising Katarzyna Foljanty, Paweł Radziszewski, Przemek Paczek & Łukasz Mielczarek, Nevomo went ahead and presented the first 1:5 demonstration version of its magnetic rail technology in 2019 which was followed by successful mid-size tests in December of 2020. The transport tech’s first 1:1 scale tests were on a track in Nowa Sarzyna, Poland and began in the summer of 2021. At the start of 2022, Nevomo completed works on the railway infrastructure and began installing MagRail system components on what is currently the longest full-scale test track for passive magnetic levitation in Europe.
With its newly acquired investment, Nevomo expects to advance towards higher technology-readiness-levels.
The European Innovation Council (EIC) was introduced by the European Commission to offer targeted support to individuals, Small and Medium Enterprises (SMEs), startups and spinout companies that are developing and upscaling game-changing innovations. The fully-fledged EIC was launched in March of 2021 under Horizon Europe and is a part of the European Innovation Council and SMEs Executive Agency (EISMEA).
“The new wave of innovation is currently led by deep tech start-ups that target societal challenges. I am happy to see so many of them applying to the EIC, in particular from countries that are catching up in their levels of research and innovation performance. Thanks to the European Innovation Council, they will get the support they need to accelerate their growth and lead on the next wave of deep tech,” emphasizes Mariya Gabriel, the European Commissioner for Innovation, Research, Culture, Education and Youth.