The European Union (EU) Council has adopted a regulation establishing the R&D public-private partnership to support the development of better rail services in the continent, according to Railway Technology.
The EU and eight industry partners, including Alstom, Bombardier, Network Rail and Siemens, will set up the partnership, known as Shift2Rail joint undertaking.
The new entity will be located in Brussels and will be officially established in early July. Operations are expected to begin in early 2015.
Shift2Rail aims to double the current railway transport system capacity, as well as reduce lifecycle costs, unreliability and late arrivals by 50%.
The new entity will manage development, demonstration and validation of novel EU-co-funded technologies and solutions, in an effort to bolster the EU rail sector's competitiveness.
Shift2Rail will promote involvement of all stakeholders, including railway equipment manufacturers, passengers' and freight associations, and relevant scientific community.
The partnership's mandate will end on 31 December 2024.
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