ThyssenKrupp share price down, introduces the holy grail of the elevator industry

ThyssenKrupp AG unveiled a design for the worlds first cable-free elevator that utilizes magnets and can move in both horizontal and vertical line.

Describing its creation as the “holy grail of the elevator industry”, the German steel and technology conglomerate said the new system would enable multiple elevators to use the same shaft. The implemented technology is similar to some high-speed trains, elevator cabins will travel at only 5 meters per second, reducing passenger waiting time to only 15 to 30 seconds. In comparison the fastest elevator moves at 16.8 meters per second, or 60 kilometer per hour.

Andreas Schierenbeck CEO of ThyssenKrupp Elevator AG said: “Per year, New York City office workers spend a cumulative amount of 16.6 years waiting for elevators, and 5.9 years in the elevators. This data provides how imperative it is to increase the availability of elevators.”

The technology is designed to avoid pressure-related discomfort caused by high-speed elevators, the company also said it would boost capacity by 50% and reduce the space due to its smaller than ordinary shafts.

The multi system was created for for mid- and high-rise buildings and it would best work on at least 300 meter structure. The company said it would manufacture an operating prototype by the end of 2016.

ThyssenKrupp also said the multi system would allow architects to unleash their imaginations and design buildings which are not focused on a large central block.

“With this technology, the limits will be removed and we will have futuristic buildings that previously could only be dreamed of” said Patrick Bass, head of research and development at ThyssenKrupp’s elevator unit.

The design includes lightweight carbon cabins powered by magnetic linear motors instead of cables. The company also said it would use the same technology to accelerate passengers walkways located in airports.

The multiple system is based on two columns, when the elevator cabin reaches the top it moves horizontally until it reaches the second column and then it starts descending, creating a closed loop with more than one cabin in motion.

“The era of the rope-dependent elevator is now over, 160 years after its invention” the company said.

ThyssenKrupp AG lost 0.67% on Thursday and closed at €21.39 in Frankfurt. On Friday the stock dropped 0.72% to trade at €21.23 at 14:49 GMT, marking a one-year increase of 9.48%. The company is valued at €12.11 billion. According to the Financial Times, the 28 analysts offering 12-month price targets for ThyssenKrupp AG have a median target of €21.65, with a high estimate of €27.00 and a low estimate of €16.00. The median estimate represents a 1.22% increase from the last close price of €21.39.