"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", Shervin Pishevar, co-founder and executive chairman of Hyperloop One, said in a statement.
Richard Branson's Virgin Group announced Thursday it is investing in Hyperloop One in a strategic partnership aimed at establishing new passenger and cargo transport services for the superfast rail concept.
The hyperloop works by propelling pods through tubes using magnets reaching speeds akin to those of airplanes. The pods float above the tube's surface using magnetic levitation and are propelled via electric propulsion.
Hyperloop One, which has previously raised more than $160 million, is working to develop a pod system that can travel at up to 750 miles per hour with better safety than passenger jets, and lower build and maintenance costs than high-speed trains. 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. Hyperloop Texas' proposed "Texas Triangle" route to connect Dallas, Austin, San Antonio and Houston with a freight route to Laredo was one of 10 selected by Hyperloop One in September as part of its Global Challenge.
Double bonanza for economy: Macros improve as inflation down, factory output up
The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month. The output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016.
Hyperloop technologies have taken some exciting steps forward in recent years, as the first test tracks and pod designs are starting to come to fruition.
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.
"Let's say you've got a big port in a handsome part of your country", Branson said. "And then you can turn that port area into flats and houses".
"Ever since our creation, Virgin has been known for disruption and investing in innovative companies", said Branson.