Nevomo’s technology has received a EUR 2.5 million grant funding from the European Innovation Council (EIC) Accelerator Programme, which subsequently is expected to be extended by an equity component of up to EUR 15 million from the EIC Fund. The equity investment is subject to the completion of milestones to be defined in 2023, with funds being available starting 2024.
“We are extremely proud to be awarded with funding and equity investment from such prestigious European accelerator programme. 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.”, Daniel Minx, the Head of Finance at Nevomo said.
Nevomo is developing its MagRail innovative project, which is designed to extend the capacity and enhance the capability of existing railway lines, as well as improve the efficiency of the rail transport system easily, quickly and cost-effectively. This solution enables quick and gradual implementation of transport systems inspired by the hyperloop concept, starting with the use of existing corridor routes and makes it possible for both magnetic vehicles and conventional trains to operate on the same lines.
Nevomo’s technology allows fully automated driving, increased frequency, catenary-free and human error-free operation, with timetables adapted to changing transport needs. By adapting the existing railway infrastructure, Nevomo aims to enable travel with a speed of up to 550 km/h.
In 2019, Nevomo has unveiled its new rail technology called MagRail followed by successful mid-size tests in December 2020. Preparations for the first 1:1 scale tests on a track in Nowa Sarzyna, Poland began in summer 2021. At the beginning of 2022, Nevomo completed works on the railway infrastructure and began installing MagRail system components on what is the longest full-scale test track for passive magnetic levitation in Europe up to date.