Hyperloop One Receives Investment from Virgin Group

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Virgin organizer Richard Branson will join the startup's top managerial staff, and the vital association will concentrate on the traveler and blended utilize payload services.Hyperloop One has raised $245 million since its establishing in 2014, as indicated by its site.

Led by Rob Lloyd, CEO, Shervin Pishevar, co-founder and Executive Chairman, and Josh Giegel, co-founder and President of Engineering, Hyperloop has built a fully operational Hyperloop system.

The announcement today says that this new global partnership will continue to focus on Hyperloop One as a passenger and mixed-use cargo system.

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

Hyperloop One successfully tested its propulsion system on a short Las Vegas track in 2016. In July 2017, Virgin Hyperloop One fired a magnetically levitating test sled, then the aluminum and carbon fiber Hyperloop One pod at 310 km/h (192 mph) and over a distance of 436 m (0.27 miles). "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".

Virgin Galactic is Branson's space company, which in 2016, was granted an operating license to fly its passenger rocketship with the world's first paying space tourists once final safety tests are completed.

Financial details weren't disclosed although one would assume it's significant considering Hyperloop One is changing its name to Virgin Hyperloop One.

"Our goal is to make travel fun again".

A test sled speeds down a track during the 2016 test. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors including mobile telephony, travel & transportation, financial services, leisure & entertainment and health & wellness. Around the world, they'll work with many different operators, chosen by customers.

At the time, the company said the four missions will carry several nano-satellites, allowing it to deploy most of its "full constellation" from 2018, with the aim of being done by 2020.

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