Hyperloop One Is Proud to Announce Its Virginity

Hyperloop One raised an $85 million round at a valuation that tops $700 million

The technology for Hyperloop One is now in the early stages of commercialisation, after the successful completion of the first full-scale hyperloop systems test.

Virgin Group founder Richard Branson is investing in the super fast transport system and will be joining Hyperloop One's board of directors, the two companies announced today.

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

The billionaire investor announced the move on Virgin Group's website and on CNBC Thursday, which includes rebranding Hyperloop One as Virgin Hyperloop One. This was presumably created in response to Hyperloop One's successful summer testing, which saw the company actually sending its passenger pod down its test track in the Nevada Desert for the first time.

"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", Branson said in a statement.

"I was very impressed and now look forward to helping turn this cutting-edge engineering into a global passenger service", Branson said.

'The maximum distance travelled is 436 metres, with a peak acceleration of 1.48 Gs - equal to 0 to 60mph in 1.85 seconds. "This is just the latest example", Branson said in a statement. "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 company's vision is for the magnetic-based system to be used as a major mode of transport between cities, eventually reaching speeds of around 760mph, and potentially connecting London to Edinburgh in 50 minutes.

Meanwhile, Musk is now working part-time on a similar project, called The Boring Company.

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