Top Spanish hyperloop developer Zeleros files for bankruptcy

Zeleros, one of Europe’s most prominent hyperloop developers, has entered voluntary insolvency proceedings, becoming the latest company in the once-hyped sector to fall by the wayside. However, Spanish technology group Amper is now moving to acquire its core assets, with plans to redeploy the technology in defence, security and energy-storage applications.

Late in March, a Valencia court declared the Spanish hyperloop company insolvent, opening liquidation proceedings after shrinking investment in the hyperloop sector and the long lead times of its technology pushed the firm into financial difficulty. At the same time, the court is considering a binding offer for the company from Spanish engineering and technology group Amper for its production unit, according to court documents first reported by El Economista. The proposal, submitted within the insolvency process, is apparently being structured as a continuity operation rather than a break-up sale.

Founded in 2016, Zeleros had positioned itself at the forefront of hyperloop development in Europe, raising more than €15 million and attracting backing from Spanish supermarket billionaire Juan Roig, infrastructure group Acciona and EU-backed investor EIT InnoEnergy. However, the company struggled to sustain the long development cycles associated with hyperloop technology, as investor appetite for the sector weakened after the collapse of US-based Hyperloop One.

Commercial direction

In response, Zeleros had already begun shifting its strategy toward shorter-term commercial applications, focusing on electrification and battery technologies. Its business was split between a hyperloop division and an “Advance Mobility” unit targeting vehicle electrification and logistics applications, alongside a stake in battery manufacturer Battera Technologies. However, the new plan failed to translate in time to save the company.

“We are trying to stabilise the strategy we initiated after the restructuring, but we haven’t had enough time to consolidate the current business plan,” Zeleros CEO David Pistoni told Valencia Plaza. He added that while the company had secured some additional funding, “it wasn’t enough to reach profitability and we didn’t want to prolong a tense situation any longer, so at a certain point, we had to file for pre-bankruptcy and then bankruptcy proceedings.”

Amper’s offer values the production unit at €958,271, with the bulk of the transaction based on the assumption of liabilities, including labour and social security debts, payments to key suppliers, and the provision of up to €300,000 in interim financing. The deal also includes the transfer of 19 employees considered essential to maintaining operations.

Transferable assets

Beyond its hyperloop work, the assets include Zeleros’ electromagnetic launch technology, a series of battery and electrification projects developed as part of its commercial pivot, its DashVolt software, as well as the contracts, customer links and technical know-how tied to those activities. Amper plans to integrate the technologies into its defence and security activities.

“With the possible integration of these assets, Amper will incorporate a highly experienced team and technological capabilities to convert basic storage cells into intelligent modules,” said chief executive Enrique López, pointing to its growing energy storage business.

A 15-day window has been opened for competing bids before the court reaches a decision, with insolvency administrator Insolvenza SLP tasked with evaluating the offers.

A volatile market

Zeleros’ collapse reflects a broader volatility in the hyperloop sector. While China has continued to advance its own hyperloop technologies through state-backed programmes, and some European governments have recently revisited the concept, particularly Germany, the commercial ecosystem in Europe and the US has steadily contracted. LA based-Hyperloop start-up Arrivo shut down in 2018 after running into financial difficulties, while  Hyperloop One, previously known as Virgin Hyperloop, closed in 2023 after abandoning its passenger transport ambitions and failing to secure viable contracts. More recently, Netherlands-based Hardt Hyperloop filed for bankruptcy.