As Hyperloop One continues its attempt at building the future of public transportation, it's moving on without the baggage of a messy lawsuit. The company announced today that it has reached a settlement with former employees, including co-founder and former CTO Brogan BamBrogan. No terms were disclosed, however, the lawsuit contained allegations of financial mismanagement, harassment and threats, which Hyperloop One had responded to with a $250 million suit of its own, claiming the exec had tried to lead a coup within the company.
In a memo to current employees, CEO Rob Lloyd looked forward, citing the company's opening of a fabrication facility, acquiring $50 million in financing and new partnerships. Now the company can focus on more standard issues, like delivering on its vision of self-driving vehicles that turn into high-speed train cars. Easy, right?
"Hyperloop One is pleased to announce that it has reached a confidential resolution of litigation with its former employees and looks forward to continuing to execute on its business plan."
CEO Rob Lloyd:
I am pleased to inform you that we have resolved the lawsuit that was filed this summer against Hyperloop One by several of its former employees.
Lawsuits can be distracting for companies; they often halt momentum until they can be resolved. That didn't happen here.
The resilience we have shown as a company since June has been nothing short of remarkable. Let's just take a moment to reflect on just some of the accomplishments since.
On construction: We opened Metalworks, the world's first hyperloop fabrication facility. This week we installed the first tubes on columns, a major step in our development loop. Today we have 65 full time team members working in Nevada at both Metalworks and our Test and Safety. We remain on track to have our Kitty Hawk moment in early 2017.
On partnerships: In Dubai, we announced the Port Jebel Ali feasibility study with DP World and we were selected for Dubai Future Accelerators. We then revealed our designs for the world's first hyperloop to go from Dubai to Abu Dhabi in 12 minutes in coordination with RTA. And in Europe, we established working groups with the Dutch and Finnish governments for project feasibility.
On financing: We announced a $50 million investment led by DP World and hired Brent Callinicos as chief financial advisor.
This is an impressive list and none of this would have been possible without the entire team, from top to bottom. This is an amazing group to be a part of and we are on the cusp doing something extraordinary together.
Now let's keep our focus on achieving our Q1 milestones and show the world the first working Hyperloop One system to the shape the future of transportation. The world is watching!
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