Virgin's Richard Branson backs Hyperloop One

Branson said that at the end of their ten-day trip in January the Obamas treated his staff to a thank you party

Hyperloop One, the concept of which originated in a paper by Tesla Inc's Elon Musk, is developing a futuristic high-speed transport system.

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.

Hyperloop One has been rebranded as "Virgin Hyperloop One" following an unspecified investment by the company. "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".

"Ever since our creation, Virgin has been known for disruption and investing in innovative companies", said Branson. Hyperloop has already raised more than $150 million in debt and equity. Earlier this year, the company completed its first test track outside Las Vegas.

Hyperloop One just struck a major deal with Richard Branson's Virgin Group. "We're incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers' lives".

The entire field was shaken by the announcement in July that Elon Musk meant to build his own Hyperloop after all. The lawsuit claimed Hyperloop One, Pishevar and other leaders mismanaged the company's money, hired family members, and threatened cofounder Brogan BamBrogan. Hyperloop One lost its cofounder, Brogan BamBrogan, in a messy lawsuit alleging physical threats and financial misconduct against his co-founder and other company executives. It is building a network for underground tunnels to enable much faster transport between cities. In July, Musk - who isn't involved in Hyperloop One - revealed on Twitter that he'd received "verbal government approval" to build a hyperloop capable of ferrying passengers between NY and Washington in 29 minutes.

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