Virgin Hyperloop One announced

Virgin Hyperloop One announced

The company announced Thursday that Branson and Virgin Group have invested an unspecified sum of money into the project, leading to the rebranding and creation of a "strategic partnership" that sees Branson join Hyperloop One's board of directors.

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

The Hyperloop will work by loading passengers and cargo into a pod and accelerating gradually via electric propulsion through a low-pressure tube.

'This is just the latest example'. Importantly, Virgin Hyperloop One will be all-electric and the team is working on ensuing it is a responsible and sustainable form of transport too. The goal of the company under the rebrand remains the same, and it'll continue to explore the best places and partners for deploying its high-speed transportation tech, which will zoom pods at high speed down extremely low pressure tubes to reduce trip times over land from hours to minutes. Hyperloop Texas' proposed "Texas Triangle" route to connect Dallas, Austin, San Antonio and Houston with a freight route to Laredo was one of 10 selected by Hyperloop One in September as part of its Global Challenge. Branson noted in a blog post that he also visited Hyperloop One earlier this summer to view its technology first-hand, at the Hyperloop One DevLoop test track site in Nevada outside Los Vegas.

First pitched in 2013 by Tesla CEO Elon Musk, the ambitious idea for a hyperloop system (Musk himself is considering building a hyperloop of his own) involves a series of tubes that transport pods using magnetic levitation in a vacuum-sealed environment. "And then you can turn that port area into flats and houses".

Virgin Galactic founder Richard Branson predicts he will travel in space before he ever becomes a passenger on a hyperloop.