Published: Fri, October 13, 2017
Science | By Nancy Frank

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

Hyperloop One Receives Investment from Virgin Group, Becomes

"Virgin is an iconic brand and having Richard as an ally will help strengthen our mission to spread Hyperloop One throughout the world", Pishevar said in a statement.

Several companies are now exploring the market, including Northeast Maglev, Hyperloop One and Hyperloop Transportation Technologies. It's now "Virgin Hyperloop One", following an investment by Richard Branson's Virgin Group.

Branson, a British billionaire with investments in retail, music and airlines, said he believes in the new system, which aims to deliver transport at near-supersonic speeds in sealed tubes.

Hyperloop trains work by loading passengers and cargo on to a pod which is accelerated to speeds of nearly 700mph inside a sealed low-pressure tube using electric propulsion.

The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.

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Trains: Hyperloop floats above the surface of the tube.

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.

As a result, projected journey times in the United Kingdom include Edinburgh to London in 50 minutes.

Mr Branson joined a $85m funding round of Hyperloop One last month, which valued the company at more than $700m, according to Recode.

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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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.

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

'This is just the latest example'.

Branson said the company was working on "exciting projects" around the world but no lines have been confirmed as yet.

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