Richard Branson invests in the hyperloop

Violet Powell
October 14, 2017

We're not going to be talking about "Hyperloop One" anymore because the company has a new name. The company will be renamed Virgin Hyperloop One.

Virgin Group founder Richard Branson announced earlier today that Virgin Group is investing in Hyperloop One, which recently acquired additional funding from investors last month.

Branson, the billionaire whose other holdings include Virgin Atlantic Airways and the Virgin Galactic spacecraft venture, also joined the board of Hyperloop One.

"Virgin Hyperloop One are leading the way in these efforts", he continued, noting that the company is "working on exciting projects in the Middle East, Europe, India, Canada, and the USA".

TechCrunch notes that included in the re-branding, Virgin Hyperloop One will now be associated with Virgin Group's other projects.

"This is an incredibly innovative and exciting new way to move people and things at airline speeds on the ground, " Branson said in a statement.

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This global strategic partnership will focus on passenger and mixed-use cargo service in addition to the creation of a new passenger division.

Hyperloop One said in their statement on the investment that the partnership "feels like a natural fit".

Josh Giegel, co-founder of Hyperloop One, said "the combination of our proven technology and Virgin's expertise in transportation, operations, safety and passenger experience will accelerate the commercialisation phase of our company's development, The Guardian reported". The pod will lift above the track using magnetic levitation and glide at airline speeds for long distances due to ultra-low aerodynamic drag.

Multiple startups took up the challenge, including Hyperloop One, cofounded by Musk's friend Shervin Pishevar. At show Hyperloop One is the main organization to have constructed a completely operational framework.

The company did not disclose the size of the investment. Hyperloop One stages the first public demonstration of a key component of the startup's futuristic rail transit concept that could one day ferry passengers at near supersonic speeds.

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