Hyperloop One becomes 'Virgin Hyperloop One' with new investment

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Hyperloop One becomes 'Virgin Hyperloop One' with new investment

The technology for Hyperloop One is now in the early stages of the commercialisation phase after the successful completion of the world's first full scale hyperloop systems test at the DevLoop site outside Las Vegas.

Branson appeared Thursday on CNBC's "Squawk Box" to announce his company, Virgin Group, is investing in Hyperloop One, which is developing the super-fast transport system originally dreamed up by Elon Musk. Tests of Hyperloop One in the desert of Nevada have resulted in speeds of nearly 200mph in recent months.

"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.

"Virgin has been known for investing in and creating innovative companies over the years, and I look forward to making history together as we bring Hyperloop to the world as Virgin Hyperloop One".

Hyperloop One has spent the last three years floundering, and seems unlikely to materialize as a functioning consumer-facing entity any time soon.

Its tracks use magnetic levitation and the pod glides at airline speeds for long distances. Both have abandoned some of Musk's initial concepts, such as the proposed route and cost estimates, but kept the core technological proposal intact. Brogan has since started a third Hyperloop company, Arrivo.

In July, Musk dropped the H-word in a tweet about the project: "Just received verbal govt approval for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop".

And there are still questions about whether the Hyperloop technology can even be made to work at all, at least in any way that renders it cost-effective compared to traditional high-speed rail.

As ever, the team behind the business is just as important as the product. "In addition, travelling at those speeds means that any fault in the system would mean everyone on board would die".

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