Full Breakdown
Velvet Secures First Licence to Operate High-Speed Services on France’s Rail Network
9/2/2026, 12:07:08 PM
Velvet Wins First Licence to Operate High-Speed Lines
Velvet, a French start-up created by former SNCF executive Rachel Picard, has obtained an initial licence from the French transport ministry to run high-speed trains on routes that connect Paris with Bordeaux, Nantes and Angers. The licence permits the company to advance preparation of its trains, staff and operational processes, while a separate safety certification from the national rail regulator remains required before any passenger service can begin. Velvet plans to launch services from 2028.
Background: Liberalisation of France’s Rail Market
France’s passenger rail sector was opened to competition in 2020 under European Union liberalisation rules. The legal framework for this opening was set by the New Rail Pact, enacted on June 27, 2018. Despite the liberalisation, state-owned SNCF continues to dominate most services, rolling stock and the commercially viable train paths that new entrants need to secure.
Company Profile and Funding
- Rachel Picard – President of Velvet – former head of SNCF’s Voyages division, now leading the start-up.
- Velvet (commercial brand of Proxima) – private operator founded in 2021, backed by roughly €1 billion from investor Antin Infrastructure Partners.
- Alstom – French train manufacturer supplying 12 Avelia Horizon double-deck trainsets that Velvet intends to purchase.
Operational Plans and Infrastructure
Velvet’s business plan calls for adding 10 million seats on the Paris-Atlantic-coast corridor, with direct journeys averaging about two hours. To achieve this capacity, the company will acquire 12 Avelia Horizon trainsets from Alstom, the same next-generation model being introduced by SNCF for its TGV Inoui fleet. The investment of €1 billion will fund the train purchases and related operational setup.
Next Steps and Regulatory Hurdles
The next critical milestone is obtaining safety certification from France’s rail regulator, which will determine whether Velvet can move from preparation to revenue-generating service. If certification is granted, Velvet will become one of several challengers—alongside French start-up Le Train, Spain’s Renfe and Italy’s Trenitalia—seeking to compete with SNCF on the country’s busiest high-speed corridors.
