Nevomo, a Polish deep-tech company developing the next generation of high-speed rails has secured €5 million in funding in a bridge round from EIT InnoEnergy, Hutter Private Equity, ValueTech Seed, and Seedrs.
The company will use the funds to accelerate its hyperloop-inspired MagRail technology rollout and upgrade existing railway infrastructure. The announcement comes four months over raising €17.5M led by EIC.
EIT InnoEnergy is supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
Joins EIT InnoEnergy portfolio
With this round, Nevomo joins EIT InnoEnergy’s portfolio of hyperloop-related companies, including Hardt Hyperloop from the Netherlands and Spain’s Zeleros Hyperloop.
“Becoming a portfolio company of one of the world’s leading investors in sustainable energy and transportation is further confirmation from the market that we are on the right track in developing our hyperloop-driven technology. We are confident that thanks to EIT InnoEnergy’s support we will be able to follow the path of portfolio companies such as Northvolt”, says Przemek Ben Pączek, CEO and Co-Founder of Nevomo.
This proprietary solution combines magnetic levitation and linear motor, enabling up to 550 kph speed.
Next generation of high-speed railways
Founded by Katarzyna Foljanty, Paweł Radziszewski, Przemek Paczek, and Łukasz Mielczarek, Nevomo develops the next generation of High-Speed Railways (HSR), based on magnetic levitation, linear motor and autonomous control systems, which can be subsequently transformed into a vacuum version.
The company has developed a unique, patent-pending magrail technology, which allows modernizing existing conventional railway lines to a standard of passive magnetic railways, reaching a speed of 300 kph (186 mph) on regular lines and 415 kph (258 mph) on HSR lines.
The magrail system allows keeping the functionality of conventional railways on a modernized line (railway operators can depreciate their existing rolling stock).
The first 1:5 scale demo version of Nevomo’s MagRail was presented in 2019, followed by successful mid-size tests conducted in winter 2020/21.
In 2021, Nevomo started construction on Europe’s longest track for testing passive magnetic levitation in Nowa Sarzyna, Poland.
As of mid-2022, the installation of all the necessary elements has been completed. The first full-scale test vehicle, equipped with all the necessary components to perform the first tests, was delivered to the site in August this year.
The tests are expected to take place in winter 2022/23.
Lucienne Krosse, responsible for the hyperloop portfolio at EIT InnoEnergy, underlines: “Nevomo’s technology is the missing link between the current, often hugely outdated rail infrastructure and entirely new high-speed systems like the hyperloop. This can accelerate the adoption of this new mode of sustainable, long-haul transport and greatly decrease the costs associated with such a shift.”