Beardy Branson chucks cash at His Muskiness' Hyperloop idea

A rendering of the Hyperloop Technologies hyperloop    
   Hyperloop One

Hyperloop One Chairman Shervin Pishevar told CNBC that with Branson on board, the company will be able to accelerate the commercialization process and also design products with the consumer in mind. One company making this type of high-speed transit system is Hyperloop One, and it just got funding from Virgin Group founder Richard Branson.

Hyperloop One claims to be the only company in the world to have built a fully operational Hyperloop system. The pod quickly lifts above the track using magnetic levitation and glides at airline speeds for long distances due to ultra-low aerodynamic drag.

Hyperloop One is one of the two earliest start-ups formed to commercialise the concept, the other being Hyperloop Transport Technologies.

The company did not disclose the size of the investment.

A Hyperloop tube is displayed during the first test of the propulsion system at the Hyperloop One Test and Safety site on May 11, 2016 in Las Vegas, Nevada.

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"This is an incredibly innovative and exciting new way to move people and things at airline speeds on the ground, " Branson said in a statement.

"Virgin Hyperloop One are leading the way in these efforts", he continued, noting that the company is "working on exciting projects in the Middle East, Europe, India, Canada, and the United States".

The statement explains that the duration of the longest test was 10.6 seconds, with a top speed of 192mph (310km/h) - or 86 meters per second. The pod magnetically levitates inside the tube in near-vacuum, without any air resistance. Conceived in 1970 by Sir Richard Branson, the Virgin Group has gone on to grow successful businesses in sectors including mobile telephony, travel & transportation, financial services, leisure & entertainment and health & wellness. The company has been working toward space tourism with its Virgin Galactic service.

Australian-listed telecommunications company Sky and Space Global announced in June previous year that it had signed a letter of intent with Virgin Galactic to use its vehicle LauncherOne to launch up to 200 nano-satellites into space from 2018.

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