Hyperloop One gets Richard Branson on board

Mindy Sparks
October 12, 2017

One billionaire is betting big on another billionaire's dream project.

High-speed transportation company Hyperloop One, which landed $85 million in additional funding last month, revealed today that it has gained a new board member in business magnate Richard Branson, whose Virgin group was secretly responsible for an unnamed portion of that funding.

Ever since our creation, Virgin has been known for disruption and investing in innovative companies. The company will rebrand as Virgin Hyperloop One.

The technology for Hyperloop One is now in the early stages of commercialisation, after the successful completion of the first full-scale hyperloop systems test. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table".

The entire field was shaken by the announcement in July that Elon Musk meant to build his own Hyperloop after all. "Hyperloop technology has been explicitly open-sourced and others have been encouraged to take the ideas and further develop them".

"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. "We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives". Hyperloop One lost its cofounder, Brogan BamBrogan, in a messy lawsuit alleging physical threats and financial misconduct against his co-founder and other company executives.

Hyperloop One announced the first successful full-systems test in July. It is building a network for underground tunnels to enable much faster transport between cities. Musk tweeted that he had "verbal government approvals" to build an underground tunnel from NY to Washington DC through his start-up The Boring Company, although he did not, in fact, have formal approval from any relevant government body.

Other reports by Iphone Fresh

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