Hyperloop One, the company building the new-age hyperloop transportation system has entered into a strategic partnership with Richard Branson’s Virgin Group. As part of the partnership, Branson joins the board of directors of Hyperloop One, which will now be rebranded as Virgin Hyperloop One over the coming months.
Hyperloop One raised $85 million in a new funding last month, which includes the investment from Virgin. Irrespective of the rebranding, the core task of the company will remain the same – building laser fast transportation system for passenger and mixed-use cargo service. The technology makes use of electric propulsion to transport pods through a low-pressure tube. With magnetic levitation, the pod lifts above the tracks and glides at airline speeds for long distances.
“For more than 20 years, Richard and Virgin have been at the forefront of transportation innovation, and a partnership with them feels like a natural fit,”said Shervin Pishevar, co-founder and executive chairman of Hyperloop One. ALSO READ: Hyperloop One to bring super fast transportation tech to India: Opportunities and challenges
“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 Richard Branson, founder of the Virgin Group.
The company said that in addition to building the transport system, the partnership will also focus on the creation of a new passenger division. ALSO READ: India to have its first Hyperloop route in Andhra Pradesh; trials begin next month
In addition to making travel faster and cheaper, hyperloop is also considered a greener mode of future transportation. Even as there is tremendous amount of interest and investment from across the world, so far no government has officially approved a plan for a hyperloop system.
However, Elon Musk, who originally introduced the idea of hyperloop transportation, recently said that he had received a ‘verbal approval’ from the government to build a hyperloop between New York City and Washington, DC. Some reports indicated that Musk not only intends to construct one tunnel, but the whole transit system. This marks a shift from Musk’s reluctance to execute the vision which he introduced to the entrepreneurial community back in 2013. ALSO READ: ‘We are in talks with five state governments to bring Hyperloop to India’: Bibop Gresta speaks on future plans