Reliance Industries Ltd (RIL) announced that it has upped its stake in the US-based SkyTran Inc., a venture-funded technology company that is developing pod car transport systems.
RIL said in a stock-exchange filing that it has increased its holding in SkyTran to 26.31% from the previous 17.37% on a fully diluted basis. The increase in shareholding took place after the completion of conditions laid out in the original agreement, it said.
RIL originally acquired a 12.7% stake in SkyTran in October 2018. At the time, the company said it had the option of investing an additional amount of up to $25 million in convertible notes, subject to approval from SkyTran’s board.
Founded in 2011, SkyTran is a NASA Space Act company, headquartered at the NASA Ames Research Center near Mountain View, California. NASA uses Space Act Agreements as the primary means for partnering with the community. SkyTran greatly benefits from such an arrangement by having access to a wide range of NASA technologies and capabilities and being able to combine NASA expertise, assets, and information with its own core competencies.
RIL said it had backed the company intending to strike an exclusive partnership with India. The conglomerate said it would work closely with SkyTran to develop pilot implementations and eventually launch them at scale.
SkyTran is a patented, high-speed, low-cost, elevated Personal Rapid Transit (PRT) system. The SkyTran network of computer-controlled, 2-person “jet-like” vehicles employs state-of-the-art passive Magnetic Levitation (Maglev) technology. The system transports passengers in a fast, safe, green, and economical manner. SkyTran intends to revolutionize public transportation and, with it, urban and suburban commuting.
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