Hyperloop One Is Now 'Virgin Hyperloop One' Thanks to Richard Branson's Investment

Hyperloop One Is Now 'Virgin Hyperloop One' Thanks to Richard Branson's Investment

Hyperloop One Is Now 'Virgin Hyperloop One' Thanks to Richard Branson's Investment

Building a futuristic hyperloop system won't be cheap, so startup Hyperloop One's surely feeling good today, after it announced billionaire Richard Branson had made an investment in its endeavor.

"After visiting Hyperloop One's test site in Nevada and meeting its leadership team this past summer, I am convinced this groundbreaking technology will change transportation as we know it and dramatically cut journey times", Virgin Group founder Richard Branson said in a press release.

The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.

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Mr Branson joined a $85m funding round of Hyperloop One last month, which valued the company at more than $700m, according to Recode. The pods float above the tube's surface using magnetic levitation and are propelled via electric propulsion.

"I was very impressed and now look forward to helping turn this cutting-edge engineering into a global passenger service", Branson said.

But in order to build an operational system in the short timespan Hyperloop wants to achieve, it not only has to prove the technology is capable of safely reaching the super-fast speeds Hyperloop One proclaims it can hit.

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"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".

'This is just the latest example'.

Hyperloop One Chairman Shervin Pishevar told CNBC that with Branson on board, the company will be able to accelerate the commercialization process and also design products with the consumer in mind.

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Hyperloop One, the Los Angeles-based startup working on an ultrafast tube transportation system, is no more.

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