On October 12, 2017, billionaire founder of the Virgin Group, Richard Branson, announced that he invested into Hyperloop One which in his words is “the world’s most revolutionary train service.” Following this investment, Hyperloop One was rebranded to Virgin Hyperloop One and formally cemented another influential philanthropist’s confidence on the success of the Hyperloop alongside Elon Musk. Moreover, the rebranded company’s current evaluation raised to more than $700 million.
As reported by CNN, Branson explains that “after visiting Hyperloop One’s test site in Nevada and meeting its leadership team this past summer, I am convinced this ground-breaking technology will change transportation as we know it and dramatically cut journey times.” With the Virgin Group’s access to various resources and talents, including Branson’s leadership clout and brand recognition, this new development in the hyperloop industry is a significant one.
Furthermore, Elon Musk, after initially being hesitant to be directly involved with the Hyperloop after the release of his white papers, proposed to use underground tunnels created by his new startup, the Boring Company, for the Hyperloop tracks. With a verbal government approval this past July for The Boring Company to build an underground NY-Phil-Balt-DC Hyperloop system, the future of the Hyperloop is also heavily dependent on the success of the Boring Company.
Nevertheless, recent months have shown several confident inspiring developments on the Hyperloop, making those in the industry very excited for the future!
To read further into Richard Branson’s decision to back Hyperloop One, the official press release can be seen here: https://www.virgin.com/richard-branson/introducing-virgin-hyperloop-one-worlds-most-revolutionary-train-service.
Written by Fakid Hossain.