The Australian company produces a 1,340-horsepower electric motor for hypercars and hyperloops.

Australian company HyperPower Technologies has developed a 1,340 hp electric motor.

The electric motor, codenamed QFM-360-X, is about 17 inches in diameter and is designed to be scalable. According to Hyper Power, 10 units mounted on a common shaft can deliver 13,400 hp.

To demonstrate its capabilities, Hyper Power partnered with Top EV Racing to create a Top Fuel-style dragster with four motors totaling 5,360 hp. The speed of this electric car is estimated to be 0-124 mph in 0.8 seconds, 0-330 mph in 3.7 seconds, and a top speed of 380 mph.

HyperPower is the brainchild of Michael Fragomeni, founder of Top EV Racing. He and his team have been working on the dragster and its technology for the past eight years, developing many of the parts used in-house as there was nothing on the market. He has now formed a company called Hyper Power to commercialize some of these developments.

"This engine is the culmination of my career, and the fact that we can produce it in parallel with mass assembly is a notable milestone for our team," he said.

Potential applications for this engine include aerospace, mining, high-speed rail, including hyperloop if the technology materializes, and hypercars. A car with one engine will already be one of the most powerful cars on the market.

Another area is motorsports. In the case of the Top Fuel dragster, Fragomeni claims that a car that develops more than 5,000 hp is not using its full power and the clutch disengages halfway through.

In other electric car news: British company Equipmake has developed what it claims is "the world's most powerful permanent magnet electric motor". The Ampere electric motor weighs only 22 pounds but develops nearly 300 hp. By comparison, the two electric motors used in the Jaguar I-Pace weigh 88 pounds each and produce only 200 hp.