Virgin's Richard Branson backs Hyperloop One

After the Obamas handed the White House over to President Donald Trump and First Lady Melania Trump Michelle reportedly said'We're free

After the Obamas handed the White House over to President Donald Trump and First Lady Melania Trump Michelle reportedly said'We're free

And with that, the company's rebranding to a not-clunky-whatsoever-name: Virgin Hyperloop One. As part of the deal the company will be renamed Virgin Hyperloop One and enter Sir Richard's Virgin Group umbrella.

"Ever since our creation, Virgin has been known for disruption and investing in innovative companies".

The hyperloop works by propelling pods through tubes using magnets reaching speeds akin to those of airplanes.

The levitating, pod-based form of transport was suggested by Elon Musk in 2013, and Hyperloop One achieved speeds of 310km/h in a July test. He described the hyperloop concept as "a cross between a Concorde, a railgun and an air hockey table". Musk initially said he would leave construction of a hyperloop to others and would simply provide support for pod design through SpaceX's competition, but after starting a tunnel boring company, he made a decision to go ahead and build a hyperloop of his own.

The startup had raised more than $200 million prior to Tuesday's announcement.

Disney withdraws 'Jack and the Beanstalk' project
Apparently the studio got to the point where the creative process has hit a wall and they are "ending active development for now". Disney Animation is no longer interested in climbing the beanstalk, no matter what treasure may be at the top.

"After visiting Hyperloop One's test site in Nevada and meeting its leadership team this past summer, I am convinced this groundbreaking technology will change transportation as we know it and dramatically cut journey times", said Branson. "Hyperloop technology has been explicitly open-sourced and others have been encouraged to take the ideas and further develop them".

Virgin Hyperloop One is eyeing projects across the world, from the Middle East to the United States.

Branson, a British billionaire with investments in retail, music and airlines, said he believes in the new system, which aims to deliver transport at near-supersonic speeds in sealed tubes.

But Hyperloop One has not been without controversy.

Hyperloop: Richard Branson invested in new company. In August this year Hyperloop One successfully managed to fire a pod at 192mph. It is building a network for underground tunnels to enable much faster transport between cities.

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