Published: Fri, October 13, 2017
Science | By Eileen Rhodes

Hyperloop One Receives Investment from Virgin Group, Becomes "Virgin Hyperloop One"

Hyperloop One Receives Investment from Virgin Group, Becomes

By using magnetic levitation and electric propulsion to accelerate a pod through a tube at near-vacuum, hyperloop hopefuls believe they can transport passengers at speeds up to 700 miles per hour, providing airline speeds on the ground. It's now Virgin Hyperloop One, thanks to the investment of Richard Branson.

Branson and his company, Virgin Group, are investing an undisclosed sum in the startup to kick off a new global partnership. It's now "Virgin Hyperloop One", following an investment by Richard Branson's Virgin Group.

"We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives", said Virgin's Richard Branson.

Hyperloop One is one of a handful of firms developing technologies whereby passengers and cargo would be loaded into pods that travel at high speeds through low-friction tubes above or below ground.

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In 2013, Musk pitched an idea for entrepreneurs to create a massive vacuum tube that could one day transport someone from Los Angeles to NY in 45 minutes.

Branson, who described the endeavor as the world's most revolutionary train service, said that as a train owner (his company owns a train network in the United Kingdom in addition to an airline and other ventures), he felt this is something he wants to be able to operate. This was presumably created in response to Hyperloop One's successful summer testing, which saw the company actually sending its passenger pod down its test track in the Nevada Desert for the first time.

Financial details weren't disclosed although one would assume it's significant considering Hyperloop One is changing its name to Virgin Hyperloop One. The lawsuit claimed Hyperloop One, Pishevar and other leaders mismanaged the company's money, hired family members, and threatened cofounder Brogan BamBrogan.

In July, Musk dropped the H-word in a tweet about the project: "Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop".

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