The startup, which intends to create an ultrafast tube transportation system, was named Virgin Hyperloop One after the announcement of the strategic partnership that allows Branson to join the board of directors. Last month, Hyperloop One said it had raised an additional $85 million in financing from investors, bringing its total financing raised since its founding in 2014 to $245 million. The multinational corporation that runs transportation and aerospace firms, such as Virgin Atlantic and Virgin Galactic, invested an undisclosed amount in Hyperloop One, which shall henceforth be known as Virgin Hyperloop One.More news: Toddler left in Utah corn maze
The Hyperloop will work by loading passengers and cargo into a pod and accelerating gradually via electric propulsion through a low-pressure tube. It's now Virgin Hyperloop One, thanks to the investment of Richard Branson. The air-tight tubes need to be closer to true vacuum, the maglev acceleration needs to increase which will require more power, and protecting hyperloop tracks from environmental factors such as earthquakes is still a major concern. As an example of the high-speed transportation offered by Hyperloop, the project expects the travel time from Edinburgh to London to be 50 minutes. 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.
"We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives", he said.More news: Who Is Sally Jones? ISIS Member 'White Widow' Allegedly Killed In Syria
Branson said he was "looking forward to helping turn this cutting edge engineering into a global passenger service", he added.
In August, the Hyperloop traveled nearly the entire length of the track and reached a top speed of 192 miles per hour.More news: Trump on Iran nuke accord: It's the 'worst deal. We got nothing'