June 23, 2018

Hyperloop One becomes 'Virgin Hyperloop One' with new investment

12 October 2017, 07:31 | Kevin Scott

Hyperloop One founders Josh Giegel and Shervin Pishevar with Richard Branson Virgin Hyperloop One

Hyperloop One founders Josh Giegel and Shervin Pishevar with Richard Branson  
     Virgin Hyperloop One

As part of the deal the company will be renamed Virgin Hyperloop One and enter Sir Richard's Virgin Group umbrella.

Virgin Group founder Richard Branson said that the investment was a good fit for the company ...

"The fact that we have made so much progress with governments around the world speaks to the transformative nature of Hyperloop One's technology and the material transportation and societal benefits it unlocks", Brent Callinicos, COO and CFO, of Hyperloop One said in a statement.

Its tracks use magnetic levitation and the pod glides at airline speeds for long distances. The announcement today says that this new global partnership will continue to focus on Hyperloop One as a passenger and mixed-use cargo system.

"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 USA". For example, the firm envisions 30-minute trips between Los Angeles and Las Vegas. In August this year Hyperloop One successfully managed to fire a pod at 192mph.

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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.

"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", said Branson.

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.

One of Hyperloop One's co-founders, head of engineering Josh Giegel, previously worked for Branson at his Virgin Galactic space venture.

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