Hyperloop One has been renamed Virgin Hyperloop One following an investment from Richard Branson.
The airline mogul announced that the highly-anticipated train service would come following a sizable investment from Virgin Airlines, although the exact amount injected into the project is unknown as of now.
The idea of a Hyperloop has been around for half a decade now. It suggests that passengers and their luggage would travel through a pod that accelerates gradually using electric propulsion through a low-pressure tube that uses magnetic levitation to travel at lightning-fast speeds.
The low drag and friction makes it possible for such a trip to happen, taking passengers from New York City to Washington, D.C. in roughly a half hour. “We’re incredibly excited about the technology behind Virgin Hyperloop One and the way it could transform passengers’ lives,” the company wrote in a press release.
The presser adds that Virgin has been seeking ways to invest in innovative companies, including airlines, trains and even space travel. “We have long been passionate about innovation in transport too, especially the development of technology that could transform people’s lives,” the statement reads.
The company adds that Virgin Hyperloop One will be an all-electric project that will operate in a manner that is responsible and sustainable, while still maintaining the latest engineering practices.
Executive Chairman Shervin Pishevar and President of Engineering Josh Giegel, who used to work at Virgin Galactic, will spearhead the project.