Virgin announces Hyperloop One investment

Andrew Cummings
October 12, 2017

One billionaire is betting big on another billionaire's dream project. As a result, the company is rebranding as "Virgin Hyperloop One". The multinational corporation that runs transportation and aerospace firms, such as Virgin Atlantic and Virgin Galactic, invested an undisclosed amount in Hyperloop One, which shall henceforth be known as Virgin Hyperloop One.

It's unclear how much Branson's Virgin Group invested in the startup, but the move also brings him onboard as a new director to the company's board. Importantly, Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport too.

Hyperloop One has conducted two tests at its Nevada facility in 2017, including a July test in which the pod reached 192 miles per hour.

Elon Musk propsed the idea for hyperloop transportation in a white paper released in August 2013. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table".

"From our airlines to our trains to our spaceline, we have always been passionate about innovation in transport too, especially the development of technology that could transform people's lives", Branson said in a statement. Earlier this year, the company completed its first test track outside Las Vegas.

"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 United States".

Virgin apparently isn't the only one with an renewed interest in Hyperloop One since that test. The lawsuit claimed Hyperloop One, Pishevar and other leaders mismanaged the company's money, hired family members, and threatened cofounder Brogan BamBrogan.

Musk's hyperloop involvement is for now limited to potentially building the tunnels with his latest startup - The Boring Company.

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